Origin Agritech Limited reports several corporate actions involving new share issuances and director compensation. The company modified an existing August 2024 share sale agreement so it will now sell an aggregate of 1,234,300 ordinary shares to two investors at an adjusted price of $1.20 per share, for total consideration of USD$1,481,250. These shares are being issued as restricted stock under an exemption from the Securities Act of 1933, without registration rights.
The Board also approved the sale of 2,000,000 ordinary shares to Chief Executive Officer and Director Mr. Yan Weibin at $1.20 per share, for gross proceeds of $2,400,000. The company plans to use these proceeds for general corporate purposes and repayment of outstanding debt. In addition, the Board adopted a new remuneration plan for independent directors under the 2024 Performance Equity Plan, providing yearly cash payments of USD$18,000 plus 2,000 shares and 2,000 options for each non‑employee director and certain committee chairs, and USD$30,000 plus 2,000 shares and 2,000 options for the Audit Committee Chairman.