GREAT NECK, N.Y., Jan. 6, 2022 /PRNewswire/ -- On January 6, 2022, Singularity Future Technology
Ltd. (formerly knowns as Sino-Global Shipping America, Ltd.) (the
"Company") entered into a Warrant Purchase Agreement with certain
accredited investors (the "Sellers") pursuant to which the Company
agreed to buy back an aggregate of 3,870,800 warrants (the "Warrants") from the
Sellers, and the Sellers agreed to sell the Warrants back to the
Company. These Warrants were sold to these Sellers in three
previous transactions that closed on February 11, 2021, February 10, 2021, and March 14, 2018. The purchase price for each
Warrant is $2.00, and the terms of
each Warrant Purchase Agreement are substantially identical.
On or before January 10,
2022, the Company shall pay the purchase price to the
Sellers by wire transfer. The Sellers shall undertake to deliver
the Warrant to the Company for cancellation as soon as practicable
following the closing date, but in no event later than January 13, 2022. Notwithstanding the foregoing,
the Warrant shall be deemed cancelled upon the receipt by the
Sellers of the purchase price.
The Company has agreed that if the Company repurchases any other
warrants within sixty days after the execution of the Warrant
Purchase Agreement at a higher purchase price per Warrant, purchase
price per Warrant stated in the Warrant Purchase Agreement shall be
increased to the purchase price per Warrant set forth in such other
purchase agreement.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) (the
"Company") previously announced it is changing its name to
Singularity Future Technology Ltd. to reflect its new focus and
mandate. The Company's shares are expected to begin trading on
NASDAQ under the new ticker symbol "SGLY" beginning January 7, 2022.
About Singularity Future Technology Ltd.(NASDAQ: SINO ( it
will change to SGLY on or about January 7,
2022 )
Founded in the United States in
2001, Singularity Future Technology Ltd. (formerly known as
Sino-Global Shipping America, Ltd.) has been diversifying into the
cryptocurrency market, while continuing to support and grow its
shipping, chartering, logistics and related services business.
Headquartered in New York, The
Company has offices in Mainland China and United States . Additional information about
the Company can be found on the Company's corporate website at
www.sino-global.net.
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 SGLY's
estimated and future results of operations, business strategies,
competitive position, industry environment and potential growth
opportunities. In addition, there is uncertainty about the spread
of the COVID-19 virus and the impact it will have on SGLY's
operations, the demand for SGLY's products and services, global
supply chains and economic activity in general. Moreover, the value
of cryptocurrencies may fluctuate significantly over time, and the
success of the JV and its products are not assured. 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.
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,
2021. SGLY's SEC filings are available publicly on the SEC's
website at www.sec.gov. SGLY disclaims any obligation to
update the forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Sino-Global Shipping America, Ltd.