[6-K] Powell Max Limited Current Report (Foreign Issuer)
Powell Max Limited agreed to sell up to 1,600,000 Class A ordinary shares and up to 4,800,000 common warrants exercisable for one Class A share each, for aggregate gross proceeds of approximately US$403,200. The proceeds are described as intended for general corporate purposes, including working capital. The warrants carry an exercise price of US$0.0001, are immediately exercisable and remain valid for three years, subject to a 4.99% beneficial ownership limit on exercise. The issued securities will include restrictive legends, transfer restrictions and a 180-day lock-up for purchasers, and the company is not obligated to register these securities under the U.S. Securities Act.
Powell Max Limited ha concordato di vendere fino a 1,600,000 azioni ordinarie di Classe A e fino a 4,800,000 warrant comuni esercitabili ciascuno per una azione di Classe A, per ricavi lordi complessivi di circa US$403,200. I proventi sono indicati come destinati a scopi societari generali, incluso il capitale circolante. I warrant hanno un prezzo di esercizio di US$0.0001, sono immediatamente esercitabili e restano validi per tre anni, soggetti a un limite di proprietà beneficiaria del 4,99% al momento dell'esercizio. I titoli emessi comprenderanno legende restrittive, restrizioni al trasferimento e un lock-up di 180 giorni per gli acquirenti, e la società non è obbligata a registrare tali titoli ai sensi del U.S. Securities Act.
Powell Max Limited acordó vender hasta 1,600,000 acciones ordinarias Clase A y hasta 4,800,000 warrants comunes ejercitables por una acción de Clase A cada uno, por un producto bruto agregado de aproximadamente US$403,200. Se indica que los ingresos se destinarán a fines corporativos generales, incluido capital de trabajo. Los warrants tienen un precio de ejercicio de US$0.0001, son ejercitables de inmediato y permanecen vigentes por tres años, sujetos a un límite de propiedad beneficiaria del 4.99% al ejercicio. Los valores emitidos incluirán leyendas restrictivas, restricciones de transferencia y un periodo de bloqueo de 180 días para los compradores, y la compañía no está obligada a registrar dichos valores conforme al U.S. Securities Act.
Powell Max Limited는 최대 1,600,000 Class A 보통주와 최대 4,800,000개의 일반 워런트(각각 클래스 A 주식 1주로 행사 가능)를 매도하기로 합의했으며, 총 대략 US$403,200의 총수익을 예상합니다. 수익금은 운전자본을 포함한 일반 기업 목적으로 사용될 예정이라고 명시되어 있습니다. 워런트의 행사가격은 US$0.0001이며 즉시 행사 가능하고 3년간 유효하되, 행사 시 4.99%의 실소유 한도가 적용됩니다. 발행되는 증권에는 제한 문구, 양도 제한 및 매수인에 대한 180일 락업이 포함되며, 회사는 해당 증권을 미국 증권법(U.S. Securities Act) 아래에 등록할 의무가 없습니다.
Powell Max Limited a accepté de vendre jusqu'à 1,600,000 actions ordinaires de Classe A et jusqu'à 4,800,000 warrants ordinaires exerçables chacun contre une action de Classe A, pour un produit brut total d'environ US$403,200. Les produits sont indiqués comme destinés à des fins générales d'entreprise, y compris le fonds de roulement. Les warrants portent un prix d'exercice de US$0.0001, sont immédiatement exerçables et restent valables pendant trois ans, sous réserve d'une limite de détention effective de 4,99% à l'exercice. Les titres émis comprendront des mentions restrictives, des restrictions de transfert et une période de lock-up de 180 jours pour les acheteurs, et la société n'est pas tenue d'enregistrer ces titres en vertu du U.S. Securities Act.
Powell Max Limited hat zugestimmt, bis zu 1,600,000 Class A-Stammaktien und bis zu 4,800,000 Common-Warrants, jeweils ausübbar für eine Class-A-Aktie, zu verkaufen, für Bruttoerlöse von insgesamt etwa US$403,200. Die Erlöse sollen für allgemeine Unternehmenszwecke, einschließlich des Umlaufvermögens, verwendet werden. Die Warrants haben einen Ausübungspreis von US$0.0001, sind sofort ausübbar und bleiben für drei Jahre gültig, vorbehaltlich einer 4,99%igen Grenze des wirtschaftlichen Eigentums bei Ausübung. Die ausgegebenen Wertpapiere werden einschließliche restriktiver Vermerke, Übertragungsbeschränkungen und einer 180-tägigen Lock-up für Käufer versehen sein, und das Unternehmen ist nicht verpflichtet, diese Wertpapiere nach dem U.S. Securities Act zu registrieren.
- Gross proceeds of approximately US$403,200 provide immediate funding for the company for general corporate purposes and working capital.
- Warrants are immediately exercisable, enabling investors to convert to equity without additional timing delays if they choose to do so.
- 4.99% beneficial ownership limitation on warrant exercise limits a single holder from acquiring an outsized stake through exercise.
- Very low warrant exercise price (US$0.0001) creates potential for large increases in outstanding shares upon exercise, diluting existing holders.
- Up to 4,800,000 common warrants and 1,600,000 Class A shares could materially increase share count if exercised or issued.
- Securities carry restrictive legends and transfer restrictions and the company is not obligated to register them, limiting resale liquidity.
- 180-day lock-up on purchasers restricts resale of the acquired securities for six months, limiting immediate secondary-market activity.
Insights
TL;DR Small cash raise with immediately exercisable, deeply priced warrants increases potential share count and liquidity constraints.
The transaction delivers approximately US$403,200 of gross proceeds through the sale of Class A shares and common warrants. The warrants have an exercise price of US$0.0001 and a three-year term, which creates a pathway to convert warrants into equity immediately if exercised. The beneficial ownership cap of 4.99% limits single-holder concentration from exercise. Transfer restrictions, restrictive legends and a 180-day lock-up restrict secondary-market liquidity for purchasers. Overall, this is a near-term financing step that increases available cash while creating potential future share issuance if warrants are exercised.
TL;DR Transaction includes investor protections but also extensive transfer limits and low exercise price warrants that raise governance and shareholder structure questions.
The purchase agreement contains customary representations and covenants and imposes a 180-day resale restriction on purchasers, which reduces immediate aftermarket pressure. The 4.99% beneficial ownership limitation on warrant exercise is a governance feature that curbs single-investor control through conversion. However, the warrants' nominal exercise price of US$0.0001 and immediate exercisability mean a substantial increase in potential issued shares is possible without additional negotiated pricing, and the company is not obligated to register the securities, preserving control over future registration and liquidity timing.
Powell Max Limited ha concordato di vendere fino a 1,600,000 azioni ordinarie di Classe A e fino a 4,800,000 warrant comuni esercitabili ciascuno per una azione di Classe A, per ricavi lordi complessivi di circa US$403,200. I proventi sono indicati come destinati a scopi societari generali, incluso il capitale circolante. I warrant hanno un prezzo di esercizio di US$0.0001, sono immediatamente esercitabili e restano validi per tre anni, soggetti a un limite di proprietà beneficiaria del 4,99% al momento dell'esercizio. I titoli emessi comprenderanno legende restrittive, restrizioni al trasferimento e un lock-up di 180 giorni per gli acquirenti, e la società non è obbligata a registrare tali titoli ai sensi del U.S. Securities Act.
Powell Max Limited acordó vender hasta 1,600,000 acciones ordinarias Clase A y hasta 4,800,000 warrants comunes ejercitables por una acción de Clase A cada uno, por un producto bruto agregado de aproximadamente US$403,200. Se indica que los ingresos se destinarán a fines corporativos generales, incluido capital de trabajo. Los warrants tienen un precio de ejercicio de US$0.0001, son ejercitables de inmediato y permanecen vigentes por tres años, sujetos a un límite de propiedad beneficiaria del 4.99% al ejercicio. Los valores emitidos incluirán leyendas restrictivas, restricciones de transferencia y un periodo de bloqueo de 180 días para los compradores, y la compañía no está obligada a registrar dichos valores conforme al U.S. Securities Act.
Powell Max Limited는 최대 1,600,000 Class A 보통주와 최대 4,800,000개의 일반 워런트(각각 클래스 A 주식 1주로 행사 가능)를 매도하기로 합의했으며, 총 대략 US$403,200의 총수익을 예상합니다. 수익금은 운전자본을 포함한 일반 기업 목적으로 사용될 예정이라고 명시되어 있습니다. 워런트의 행사가격은 US$0.0001이며 즉시 행사 가능하고 3년간 유효하되, 행사 시 4.99%의 실소유 한도가 적용됩니다. 발행되는 증권에는 제한 문구, 양도 제한 및 매수인에 대한 180일 락업이 포함되며, 회사는 해당 증권을 미국 증권법(U.S. Securities Act) 아래에 등록할 의무가 없습니다.
Powell Max Limited a accepté de vendre jusqu'à 1,600,000 actions ordinaires de Classe A et jusqu'à 4,800,000 warrants ordinaires exerçables chacun contre une action de Classe A, pour un produit brut total d'environ US$403,200. Les produits sont indiqués comme destinés à des fins générales d'entreprise, y compris le fonds de roulement. Les warrants portent un prix d'exercice de US$0.0001, sont immédiatement exerçables et restent valables pendant trois ans, sous réserve d'une limite de détention effective de 4,99% à l'exercice. Les titres émis comprendront des mentions restrictives, des restrictions de transfert et une période de lock-up de 180 jours pour les acheteurs, et la société n'est pas tenue d'enregistrer ces titres en vertu du U.S. Securities Act.
Powell Max Limited hat zugestimmt, bis zu 1,600,000 Class A-Stammaktien und bis zu 4,800,000 Common-Warrants, jeweils ausübbar für eine Class-A-Aktie, zu verkaufen, für Bruttoerlöse von insgesamt etwa US$403,200. Die Erlöse sollen für allgemeine Unternehmenszwecke, einschließlich des Umlaufvermögens, verwendet werden. Die Warrants haben einen Ausübungspreis von US$0.0001, sind sofort ausübbar und bleiben für drei Jahre gültig, vorbehaltlich einer 4,99%igen Grenze des wirtschaftlichen Eigentums bei Ausübung. Die ausgegebenen Wertpapiere werden einschließliche restriktiver Vermerke, Übertragungsbeschränkungen und einer 180-tägigen Lock-up für Käufer versehen sein, und das Unternehmen ist nicht verpflichtet, diese Wertpapiere nach dem U.S. Securities Act zu registrieren.
FAQ
What securities did Powell Max (PMAX) agree to sell in the private placement?
How much gross proceeds will Powell Max (PMAX) receive from the private placement?
What are the terms of the common warrants issued to purchasers?
Are the securities freely tradable after the private placement?
What restrictions apply to purchasers after closing?
