ROSLYN, N.Y., March 12, 2018 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company"
or "we"), a non-asset based global shipping and freight logistics
integrated solution provider, announced today it has entered into a
securities purchase agreement with certain accredited investors to
purchase a total of $3 million of its
common stock in a registered direct offering and concurrent private
placement.
Under the terms of the securities purchase agreement,
Sino-Global has agreed to sell 2 million shares of its common
stock. In a concurrent private placement, the Company has agreed to
issue unregistered Series A Warrants and Series B Warrants to
purchase up to a total of approximately 4 million shares of common
stock. The Series A Warrants and the Series B Warrants will be
exercisable six months following the date of issuance and have an
exercise price of $1.75. The Series A
Warrants and the Series B Warrants will expire on the 5.5-year and
13-month anniversaries of their initial issuance dates,
respectively. The combined purchase price for one share of common
stock, one Series A Warrant and one Series B Warrant will be
$1.50. The gross proceeds to
Sino-Global from the registered direct offering and concurrent
private placement are estimated to be $3
million before deducting the placement agent's fees and
other estimated offering expenses. The registered direct offering
and concurrent private placement are expected to close on or about
March 14, 2018, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC acted as sole placement agent for the
offering.
The common stock being sold pursuant to the registered direct
offering is being made pursuant to a shelf registration statement
on Form S-3 (File No. 333-222098), previously filed with the
Securities and Exchange Commission (the "SEC") on December 15, 2017 and declared effective on
February 16, 2018. Such securities
are being offered only by means of a prospectus. A prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the registered direct offering will be
filed with the SEC. The Series A Warrants and Series B Warrants,
along with the underlying common stock have not been registered
under the Securities Act of 1933, as amended. When available,
copies of the prospectus supplement and the accompanying prospectus
relating to the registered direct offering may be obtained at the
SEC's website www.sec.gov or by contacting Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York,
NY 10174, at 212-895-3745.
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 the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Sino-Global Shipping America, Ltd.
Founded in
the United States in 2001,
Sino-Global Shipping America, Ltd. is a company engaged in
shipping, chartering, logistics and related business services.
Headquartered in New York,
Sino-Global has offices in Los
Angeles, mainland China,
Australia, Canada and Hong
Kong. The Company's current service offerings consist of
inland transportation management, freight logistics and container
trucking services. Additional information about Sino-Global can be
found on the Company's corporate website at www.sino-global.com.
The Company routinely posts important information on its
website.
Forward Looking Statements
No statement made in this
press release should be interpreted as an offer to purchase any
security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities
laws. Any statements contained in this release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties as identified in Sino-Global's
filings with the Securities and Exchange Commission. Actual
results, events or performance may differ materially. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as the date hereof. Sino-Global
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events except as required
by applicable securities regulations or rules.
Contact Information
The Equity Group Inc.
Terry Downs
Senior Associate
(212)-836-9615 / tdowns@equityny.com
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SOURCE Sino-Global Shipping America, Ltd.