Globavend (GVH) said Tuesday it filed a prospectus for the resale by a selling shareholder of up to roughly 6 million ordinary shares issuable under a standby equity purchase agreement.

The agreement allows the selling shareholder to purchase up to $20 million of Globavend's ordinary shares over 36 months, the company said.

The company said it is not selling any securities under the prospectus and will not receive proceeds from resales by the selling shareholder, but it intends to use proceeds from any sales of ordinary shares to the selling shareholder under the agreement for working capital and general corporate purposes.

Shares of the company were down 3.6% in Tuesday trading.

Price: 4.45, Change: -0.17, Percent Change: -3.68