ChromaDex Announces Closing of Third and Final Tranche of the $25 Million Strategic Investment Led by Mr. Li Ka-shing and App...
August 21 2017 - 6:30AM
ChromaDex Corp. (NASDAQ:CDXC), an innovator of proprietary health,
wellness and nutritional ingredients that creates science-based
solutions for dietary supplement, food and beverage, skin care,
sports nutrition, and pharmaceutical products, announced today the
closing of the $5.1 million third and final tranche of the $25
million strategic investment led by Hong Kong business leader Mr.
Li Ka-shing. In connection with such transactions, Champion
River Ventures Limited nominated Mr. Tony Lau to the Board of
Directors and Pioneer Step Holdings Limited nominated Ms. Wendy Yu
to the Board of Directors. The Board of Directors subsequently
appointed Mr. Lau and Ms. Yu as directors on August 18, 2017.
The $5.1 million third and final tranche was
approved by stockholders at a special meeting held on August 10,
2017 and follows the second $16.4 million tranche that closed on
May 24, 2017 and the initial $3.5 million tranche that closed on
April 27, 2017.
Mr. Lau has been building the consumer and retail segment at
Horizons Ventures since 2014.
Ms. Yu has served as Chief Digital Officer of Horizons Digital
Group since July 2012. Ms. Yu oversees marketing and communications
for Horizons Ventures as well as helping on the Asia expansion for
Horizons portfolio companies.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT:LTS), is acting as
exclusive placement agent in the private placement.
The shares of common stock being sold in the private placement
will not have been registered under the Securities Act of 1933, as
amended (the “Act”). Accordingly, such shares may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements under the Act. Additional
details about the transaction are included in a Form 8-K filed by
ChromaDex concurrently with this release.
About ChromaDex: ChromaDex leverages its
complementary business units to discover, acquire, develop and
commercialize patented and proprietary ingredient technologies that
address the dietary supplement, food, beverage, skin care and
pharmaceutical markets. In addition to our ingredient technologies
unit, we also have business units focused on natural product fine
chemicals (known as "phytochemicals"), chemistry and analytical
testing services, and product regulatory and safety consulting. As
a result of our relationships with leading universities and
research institutions, we are able to discover and license early
stage, IP-backed ingredient technologies. We then utilize our
in-house chemistry, regulatory and safety consulting business units
to develop commercially viable ingredients. Our ingredient
portfolio is backed with clinical and scientific research, as well
as extensive IP protection. Our portfolio of patented ingredient
technologies includes NIAGEN® nicotinamide riboside; pTeroPure®
pterostilbene; PURENERGY®, a caffeine-pTeroPure® co-crystal;
IMMULINA™, a spirulina extract; and AnthOrigin®, anthocyanins
derived from a domestically-produced, water-extracted purple corn.
To learn more about ChromaDex, please visit www.ChromaDex.com.
Forward-Looking Statements:
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities and
Exchange Act of 1934, as amended, including statements related to
the skills and experience of Mr. Lau and Ms. Yu. Statements that
are not a description of historical facts constitute
forward-looking statements and may often, but not always, be
identified by the use of such words as "expects", "anticipates",
"intends", "estimates", "plans", "potential", "possible",
"probable", "believes", "seeks", "may", "will", "should", "could"
or the negative of such terms or other similar expressions. More
detailed information about ChromaDex and the risk factors that may
affect the realization of forward-looking statements is set forth
in ChromaDex's Annual Report on Form 10-K for the fiscal year ended
December 31, 2016, ChromaDex's Quarterly Reports on Form 10-Q and
other filings submitted by ChromaDex to the SEC, copies of which
may be obtained from the SEC's website at www.sec.gov. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and actual
results may differ materially from those suggested by these
forward-looking statements. All forward-looking statements are
qualified in their entirety by this cautionary statement and
ChromaDex undertakes no obligation to revise or update this release
to reflect events or circumstances after the date hereof.
ChromaDex Investor Relations Contact:
Andrew Johnson, Director of Investor Relations
949-419-0288
andrewj@chromadex.com
ChromaDex Public Relations Contact:
Breah Ostendorf, Director of Marketing
949-537-4103
breaho@chromadex.com
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