Lucosky Brookman represents client Spartan Capital Securities LLC in connection with $4 Million Registered Direct Offering of Pingtan Marine Enterprise Ltd. Shares
Lucosky Brookman congratulates its client, Spartan Capital Securities, LLC (“Spartan”), for closing a $4 Million Registered Direct Offering of Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") Series A Convertible Preferred Shares. Pingtan is a fishing company based in the People's Republic of China. Spartan served as exclusive placement agent for this offering.
The Company entered into a definitive purchase agreement for the purchase of an aggregate of 4,000,000 Series A Preferred Shares at an offering price of $1.00 per share that are convertible into the Company's ordinary shares. Each Series A Preferred Share is convertible into the Company's ordinary shares. The estimated net proceeds from this offering are expected to be approximately $3.43 million. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes (including sales and marketing and the satisfaction of outstanding amounts payable to its vendors in connection with trade payables) and transaction expenses. The Company may also use a portion of the net proceeds from this offering to finance acquisitions of, or investments in, competitive and complementary businesses, products or services as a part of its growth strategy.
This offering was made pursuant to an effective shelf registration statement on Form S-3 previously filed with and declared effective by the U.S. Securities and Exchange Commission.