ROSLYN, N.Y., Feb. 8, 2021 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company"
or "SINO"), 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 $13.6 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 1,998,500 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 1,998,500 shares of the Company's common stock. The
warrants will be exercisable immediately upon the date of issuance
and have an exercise price of $6.805.
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 $6.805. The gross
proceeds to the Company from the registered direct offering and
concurrent private placement are estimated to be approximately
$13.6 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 10,
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.
About Sino-Global Shipping America, Ltd.
Founded in the United States in
2001, Sino-Global Shipping America, Ltd. is a company engaged in
shipping, chartering, logistics and related services. Headquartered
in New York, Sino-Global has
offices in Los Angeles, Mainland
China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency services, shipping and chartering services, inland
transportation management services and ship management services.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.net. The Company
routinely posts important information on its website.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and SINO's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on SINO's operations, the demand
for the SINO's products and services, global supply chains and
economic activity in general. These and other risks and
uncertainties are detailed in the other public filings with the SEC
by SINO.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on Form
10-K for the fiscal year ended June 30, 2020. SINO's SEC
filings are available publicly on the SEC's website
at www.sec.gov. SINO disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information, please contact:
Tuo Pan, Acting Chief Financial
Officer
1-718-888-1814
tinap@sino-global.com
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SOURCE Sino-Global Shipping America, Ltd.