ONTARIO,
Calif., Nov. 20, 2024 /PRNewswire/ -- Nature's
Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the
"Company"), a leader in vertical farming technology and
infrastructure, announced today that the Company's management team
and other debt holders have signed agreements to convert
$2.0 million of debt to equity at a
price of $0.088 per share, the
closing price at the end of November 19,
2024.
To demonstrate alignment with shareholders, James Li, Chairman and CEO, is converting
$577,000 of his personal loans into
equity. Additionally, Jonathan
Zhang, President, is converting the remaining outstanding
trade payables due to Uninet Inc., a supplier to the Company, into
equity.
James Li, Chairman and CEO of
Nature's Miracle, commented, "We are truly excited to announce this
debt to equity conversion agreement by key management and certain
creditors which will reduce our debt by $2.0
million and increases our stockholder's equity by the same
amount, and is in line with our strategy to optimize our capital
structure. This debt conversion by the senior management team
demonstrates our long term commitment to the Company's development
and potential."
About Nature's Miracle Holding Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing
agriculture technology company providing equipment and services to
growers in the Controlled Environment Agriculture ("CEA") industry
which also includes vertical farming in North America. Nature's Miracle offers
hardware to design, build and operate various indoor growing
settings including greenhouse and indoor-growing spaces. Nature's
Miracle, through its two wholly-owned subsidiaries (Visiontech
Group, Inc. and Hydroman, Inc.), provides grow lights as well as
other hydroponic products to hundreds of indoor growers in
North America.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example: the
intended use of proceeds from the offering; successful launch and
implementation of Nature's Miracle's joint projects with
manufacturers and other supply chain participants of steel, rubber
and other materials; changes in Nature's Miracle's strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects and plans; Nature's Miracle's ability to
develop and launch new products and services; Nature's Miracle's
ability to successfully and efficiently integrate future expansion
plans and opportunities; Nature's Miracle's ability to grow its
business in a cost-effective manner; Nature's Miracle's product
development timeline and estimated research and development costs;
the implementation, market acceptance and success of Nature's
Miracle's business model; developments and projections relating to
Nature's Miracle's competitors and industry; and Nature's Miracle's
approach and goals with respect to technology. These
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing views as of any subsequent date, and
no obligation is undertaken to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Some factors that could cause actual results to differ include: the
ability to maintain the listing of the Company's shares on Nasdaq;
changes in applicable laws or regulations; the effects of the
coronavirus (COVID-19) and any future outbreaks on Nature's
Miracle's business; the ability to implement business plans,
forecasts, and other expectations, and identify and realize
additional opportunities; the risk of downturns and the possibility
of rapid change in the highly competitive industry in which
Nature's Miracle's operates; the risk that Nature's Miracle's and
its current and future collaborators are unable to successfully
develop and commercialize Nature's Miracle's products or services,
or experience significant delays in doing so; the risk that the
Company may never achieve or sustain profitability; the risk that
the Company will need to raise additional capital to execute its
business plan, which may not be available on acceptable terms or at
all; the risk that the Company experiences difficulties in managing
its growth and expanding operations; the risk that third-party
suppliers and manufacturers are not able to fully and timely meet
their obligations; the risk that Nature's Miracle's is unable to
secure or protect its intellectual property; the possibility that
Nature's Miracle's may be adversely affected by other economic,
business, and/or competitive factors; and other risks and
uncertainties described in Nature's Miracle's filings from time to
time with the SEC.
Contacts
George
Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com
MZ North America
Shannon
Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us
View original
content:https://www.prnewswire.com/news-releases/natures-miracle-holding-inc-announces-2-0-million-debt-to-equity-conversion-by-management-and-related-debt-holders-302311414.html
SOURCE Nature's Miracle Holding Inc.