Sino-Global Shipping America, Ltd., a non-asset based global shipping and freight logistical integrated solutions provider, announced today that it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $28.5 million worth of its common stock in a registered direct offering and warrants to purchase common stock in a concurrent private placement priced at-the-market under Nasdaq rules.
Under the terms of the securities purchase agreement, the Company has agreed to sell approximately 3,655,000 shares of the Company’s common stock. In a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to approximately 3,655,000 shares of the Company’s common stock. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $7.80. The warrants will expire 5.5 years from the date of issuance. The purchase price for one share of common stock and a corresponding warrant will be $7.80. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $28.5 million before deducting the placement agent’s fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about February 11, 2021, subject to the satisfaction of customary closing conditions.
Maxim Group LLC (“Maxim”) is acting as sole placement agent in connection with this offering.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 (File No.: 333-222098) filed with the Securities and Exchange Commission (the “SEC”) dated December 15, 2017, as amended, and declared effective on February 16, 2018. A prospectus supplement related to the offering will be, filed with the SEC and available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplement relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Source: Sino-Global Shipping America, Ltd.
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February 12, 2021 at 03:00AM
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Sino-Global Shipping America Announces Pricing of Approximately $28.5 million Registered Direct Offering Priced At-The-Market - Hellenic Shipping News Worldwide
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