SINGAPORE, Aug. 8, 2024
/PRNewswire/ -- Caravelle International Group (the "Company",
Nasdaq: CACO), a global ocean technology company, today announced
that it has entered some agreements ( the "Agreements") with two
institutional investors (the "Investors") to terminate all terms
and provisions of the Securities Purchase Agreement and other
related transaction agreements dated January 5, 2024 (the
"Securities Purchase Agreement"), pursuant to which the Company
will buy back the $1.5 million Senior
Secured Original Issue 15% Discount Convertible Promissory Note
(the "Note") and the Investors' rights to purchase a certain number
of the Company's Common Shares (the "Warrants") have been cancelled
and terminated.
On August 5, 2024, the Company and
the Investors entered into a Note and Warrant Purchase and
Settlement Agreement and a Termination Agreement, pursuant to which
the Company will pay the Investors $1.375
million and will issue 300,000 ordinary shares of the
Company to the Investors. Upon execution of the Agreements, the
terms and provisions under the Securities Purchase Agreement and
other transaction related agreements will be terminated
automatically. All rights and obligations related with the Warrants
shall be cancelled and terminated with immediate effect.
Management believes that this settlement agreement will help the
growth of the Company.
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the traditional business in international
shipping, operated by the Topsheen Companies (Topsheen Shipping
Group Corporation (Samoa) and its
subsidiaries) and the new CO-Tech business under Singapore Garden
Technology Pte. Ltd. As the traditional business, Caravelle's
international shipping business has generated all revenues. The
CO-Tech business is a new development building upon the existing
shipping business. It enables wood desiccation during the maritime
shipping process, with full utilization of the shipping time,
space, and the waste heat of exhaust gas from the shipping vessels.
Caravelle's CO-Tech industry has no historical operations and has
not generated revenue. Caravelle is headquartered in Singapore.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission, including its Annual Report on
Form 20-F for the fiscal year ended October
31, 2023. These forward-looking statements involve a number
of risks and uncertainties, which could cause the Company's future
results to differ materially from those anticipated. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. All information provided in this press
release is as of the date of the publication, and the Company does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/caravelle-international-group-announces-a-note-and-warrant-purchase-and-settlement-agreement-302217971.html
SOURCE Caravelle International Group