Business
Caravelle International Group Announces a Note and Warrant Purchase and Settlement Agreement
SINGAPORE, Aug. 8, 2024 /PRNewswire/ -- Caravelle International Group (the "Company", Nasdaq: CACO), a global ocean technology company, today announced that
About this update from High-trend International Group
[{"type":"text","content":"SINGAPORE, Aug. 8, 2024 /PRNewswire/ -- Caravelle International Group (the \"Company\", Nasdaq: CACO), a global ocean technology company, today announced that it has entered some agreements ( the \"Agreements\") with two institutional investors (the \"Investors\") to terminate all terms and provisions of the Securities Purchase Agreement and other related transaction agreements dated January 5, 2024 (the \"Securities Purchase Agreement\"), pursuant to which the Company will buy back the $1.5 million Senior Secured Original Issue 15% Discount Convertible Promissory Note (the \"Note\") and the Investors' rights to purchase a certain number of the Company's Common Shares (the \"Warrants\") have been cancelled and terminated.\n\nOn August 5, 2024, the Company and the Investors entered into a Note and Warrant Purchase and Settlement Agreement and a Termination Agreement, pursuant to which the Company will pay the Investors $1.375 million and will issue 300,000 ordinary shares of the Company to the Investors. Upon execution of the Agreements, the terms and provisions under the Securities Purchase Agreement and other transaction related agreements will be terminated automatically. All rights and obligations related with the Warrants shall be cancelled and terminated with immediate effect.\nManagement believes that this settlement agreement will help the growth of the Company.\nAbout Caravelle International Group\nCaravelle is a global ocean technology company. Its business comprises of two sectors: the traditional business in international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new CO-Tech business under Singapore Garden Technology Pte. Ltd. As the traditional business, Caravelle's international shipping business has generated all revenues. The CO-Tech business is a new development building upon the existing shipping business. It enables wood desiccation during the maritime shipping process, with full utilization of the shipping time, space, and the waste heat of exhaust gas from the shipping vessels. Caravelle's CO-Tech industry has no historical operations and has not generated revenue. Caravelle is headquartered in Singapore.\nForward Looking Statements\nThis announcement contains \"forward-looking\" statements within the meaning of Section 27A of the S...