FUZHOU, China, March 4, 2021 /PRNewswire/ -- Pingtan
Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the
"Company"), a fishing company based in the People's Republic of China, today
announced that it has agreed to sell 3,625,954 ordinary shares at a
price of $1.31 per share, and
2,719,464 five-year warrants to purchase ordinary shares at an
exercise price of $1.31 per share, in
a registered direct offering. The net proceeds to Pingtan from this
offering are expected to be approximately $4.2 million. The offering is expected to close
on or about March 8, 2021, subject to
customary closing conditions.
Spartan Capital Securities, LLC is acting as sole placement
agent for the offering.
Pingtan intends to use the net proceeds from this offering for
working capital, general corporate purposes and transaction
expenses. Pingtan may also use a portion of the net proceeds from
the offering to finance acquisitions of, or investments in,
competitive and complementary businesses, products or services as a
part of its growth strategy.
The securities are being offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-248620) that
Pingtan previously filed with the U.S. Securities and Exchange
Commission ("SEC"). The offering will be made only by means of a
written prospectus supplement and the accompanying prospectus that
form a part of the registration statement. An electronic prospectus
supplement and the accompanying prospectus relating to the offering
will be filed with the SEC. Copies of the prospectus supplement and
the accompanying base prospectus relating to these securities will
be available on the SEC's website at www.sec.gov and may also
be obtained, when available, by contacting Spartan Capital
Securities, LLC 45 Broadway, New York,
NY 10006 by telephone at (212) 293-0123 or by email to
investmentbanking@spartancapital.com.
The offering of these securities is being made under an
effective shelf registration statement on file with the SEC. 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 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, whether or not
the Company will be able to raise capital through this offering or
consummate this offering, including the satisfaction of customary
closing conditions; the anticipated use of net proceeds from the
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
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SOURCE Pingtan Marine Enterprise Ltd.