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Ping An Biomedical Co., Ltd. entered into securities purchase agreements with accredited investors for a private placement of 100,000,000 ordinary shares at $0.04 per share, for total gross proceeds of $4,000,000. The transaction is expected to close within three business days of February 9, 2026, subject to customary conditions.
The shares are being sold in an unregistered offering relying on Section 4(a)(2), Regulation D, and Regulation S exemptions. Investors must be accredited or non‑U.S. persons, and the ordinary shares will carry transfer restrictions and restrictive legends because they are not registered under the U.S. Securities Act.
Ping An Biomedical Co., Ltd. files its annual report on Form 20-F for the year ended September 30, 2025, covering its apparel-focused operations in China conducted through PRC subsidiary New Brand. As of September 30, 2025, 20,500,000 ordinary shares were outstanding.
The company highlights extensive risks tied to operating in mainland China and Hong Kong, including rapid regulatory changes, data and cybersecurity oversight, capital controls, and potential trading prohibitions under the HFCA Act if PCAOB access to auditors is restricted. It notes reliance on PRC and CSRC approvals for overseas listings, and uncertainty around evolving CAC rules.
Business risks include a limited operating history, net losses, going concern and liquidity pressures, heavy dependence on a few major customers, supplier and quality-control risks, rising raw material and labor costs, and seasonality. The report also discloses material weaknesses in internal control over financial reporting, including inadequate segregation of duties and lack of independent directors and an audit committee.