Business
Yunhong CTI Ltd. Announces $1.5 Million Private Placement of Series C Convertible Preferred Stock with LF International Pte. Ltd., a Company Controlled by CTI’s Chairman Mr. Yubao Li, Pending Shareholder Approval
LAKE BARRINGTON, IL / ACCESSWIRE / January 21, 2021 / Yunhong CTI Ltd. (Nasdaq:CTIB) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"LAKE BARRINGTON, IL / ACCESSWIRE / January 21, 2021 / Yunhong CTI Ltd. (Nasdaq:CTIB) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, announced that it has entered into a stock purchase agreement with LF International Pte. Ltd., a company controlled by the Company's Chairman Mr. Yubao Li (the \"Investor\"), whereby the investor made a $1.5 million strategic investment in Yunhong CTI in exchange for 170,000 shares of the Company's Series C Convertible Preferred Stock. The agreement is subject to approval by the Company's shareholders.\"We view this equity investment as a strong vote of confidence by our Chairman and largest shareholder, Mr. Li, as we continue to see positive results from our enhanced manufacturing capabilities coupled with our focus on profitable, growth-oriented product lines. The additional liquidity also supports our ability to meet growing customer demand for our foil novelty balloons as we prepare for our seasonally strongest customer demand,\" said Jennifer Connerty, Chief Financial Officer of Yunhong CTI.Pursuant to the stock purchase agreement, the investor purchased 170,000 shares of the Company's Series C Convertible Preferred Stock at an aggregate purchase price of $1.5 million. The preferred stock includes quarterly dividends payable at the annual rate of 8%. Such dividends may be paid in cash or in shares of common stock at the Company's discretion. Additional information regarding the investment is included in a Form 8-K filed by the Company with the Securities and Exchange Commission on January 15, 2021.The securities to be sold by Yunhong CTI pursuant to the transactions described above have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements.This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.About Yunhong CTI Ltd.Yu...