Armlogi (BTOC) said Tuesday it has secured funding through a $50 million standby equity purchase agreement with YA II PN and $21 million in convertible promissory notes in three tranches.
The standby equity purchase agreement enables Armlogi to sell common stock to YA II PN over two years, with an initial $5 million pre-paid advance already received.
If no balance remains on the promissory notes, Armlogi can at its discretion sell shares to YA II PN by issuing advance notices, following the effectiveness of a US Securities and Exchange Commission registration statement for the common shares and the fulfillment of other standard conditions, the company said.
Armlogi said it plans to use the proceeds for working capital, general corporate purposes, and the repayment of pre-paid advances.
Shares of Armlogi were 0.3% higher in recent trading.
Price: 6.28, Change: +0.10, Percent Change: +1.62
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