FUZHOU, China, Jan. 8, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a
fishing company based in the People's
Republic of China, announced today that it has sold
$4.0 million of the Company's Series
A Convertible Preferred Shares, par value $0.001 per share ("Series A Preferred Shares"),
in a registered direct offering.
The Company entered into a definitive purchase agreement for the
purchase of an aggregate of 4,000,000 Series A Preferred Shares at
an offering price of $1.00 per share
and a stated value of $1.10 that are
convertible into the Company's ordinary shares. Each Series A
Preferred Share is convertible into the Company's ordinary shares
at a conversion price equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted
average price of the ordinary shares on a trading day during the
ten trading days prior to the conversion date, but not lower than
$0.44, subject to certain
adjustments.
The estimated net proceeds from this offering, after deducting
estimated offering expenses payable by the Company and placement
agent fees, are expected to be approximately $3.43 million. The Company intends to use the net
proceeds from this offering for working capital, general corporate
purposes (including sales and marketing and the satisfaction of
outstanding amounts payable to its vendors in connection with trade
payables) and transaction expenses. The Company may also use a
portion of the net proceeds from this offering to finance
acquisitions of, or investments in, competitive and complementary
businesses, products or services as a part of its growth
strategy.
Spartan Capital Securities, LLC acted as the Company's exclusive
placement agent for this offering.
This offering was made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-248620) previously
filed with and declared effective by the U.S. Securities and
Exchange Commission (the "SEC"). A prospectus supplement and
accompanying prospectus describing the terms of this offering have
been filed by the Company with the SEC. Copies of the prospectus
supplement, together with the accompanying prospectus, may be
obtained from the SEC's website at www.sec.gov. Electronic copies
of the prospectus supplement and accompanying base prospectus may
also be obtained from Spartan Capital Securities, LLC by email to
investmentbanking@spartancapital.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in
this offering. There shall not be any offer, solicitation of an
offer to buy, or sale of securities in any state or jurisdiction in
which such an offering, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through
its subsidiary, Fujian Provincial Pingtan County Ocean Fishing
Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that
are subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended. Words
such as "estimate," "project," "forecast," "plan," "believe,"
"may," "expect," "anticipate," "intend," "planned," "potential,"
"can," "expectation" and similar expressions, or the negative of
those expressions, may identify forward-looking statements.
Although forward-looking statements reflect the good faith judgment
of our management, such statements can only be based on facts and
factors currently known by us. Consequently, forward-looking
statements are inherently subject to risks and uncertainties and
actual results and outcomes may differ materially from the results
and outcomes discussed in or anticipated by the forward-looking
statements. Risks include, but are not limited to, the anticipated
use of net proceeds from this offering; anticipated issuance of new
fisheries policy by the Indonesian government and fishing
operations in Indonesia by the
Company thereafter; Pingtan's ability to assist in the renewal of
fisheries cooperation and to promote the economic and trade
exchanges and cooperation between China and Indonesia; and other risk factors contained in
Pingtan's SEC filings available at www.sec.gov, including Pingtan's
most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q. Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Pingtan undertakes no obligation to update or
revise any forward-looking statements for any reason, except as
required by law.
CONTACT:
LiMing Yung
(Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
View original
content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-closes-4-0-million-registered-direct-offering-301203525.html
SOURCE Pingtan Marine Enterprise Ltd.