Pingtan Marine Enterprise Ltd. Closes Registered Direct Offering
Rhea-AI Summary
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has successfully completed a registered direct offering of 3,625,954 ordinary shares at $1.31 per share, alongside 2,719,464 warrants with the same exercise price. The transaction, facilitated by Spartan Capital Securities, will fund working capital, corporate needs, and potential acquisitions, supporting Pingtan's growth strategy. The offering was conducted under an effective shelf registration statement with the SEC, ensuring compliance with regulatory requirements.
Positive
- Raised approximately $4.8 million through the offering.
- Funds will be used for working capital and strategic acquisitions.
Negative
- Potential dilution of existing shareholders' equity due to the issuance of new shares and warrants.
News Market Reaction 1 Alert
On the day this news was published, PME gained 3.85%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
FUZHOU, China, March 9, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced that it has closed its previously announced registered direct offering of 3,625,954 ordinary shares at a price of
Spartan Capital Securities, LLC acted 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 were 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 was 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 were filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus relating to these securities are available on the SEC's website at www.sec.gov and may also be obtained 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 was 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, 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
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-closes-registered-direct-offering-301243217.html
SOURCE Pingtan Marine Enterprise Ltd.
FAQ
What was the purpose of Pingtan Marine's offering on March 9, 2021?
How many shares and warrants did Pingtan Marine offer?
What was the price per share for the offering?
Who acted as the placement agent for Pingtan Marine's offering?
What are the risks associated with Pingtan Marine's offering?
