{"id":412924,"date":"2021-01-12T08:03:38","date_gmt":"2021-01-12T13:03:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412924"},"modified":"2021-01-12T08:03:38","modified_gmt":"2021-01-12T13:03:38","slug":"pingtan-marine-enterprise-ltd-provides-update-on-recent-4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pingtan-marine-enterprise-ltd-provides-update-on-recent-4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares\/","title":{"rendered":"Pingtan Marine Enterprise Ltd. Provides Update on Recent $ 4 million Registered Direct Offering and Date of Initial Conversion of First Tranche of Series A Preferred Shares"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">FUZHOU, China<\/span>, <span class=\"xn-chron\">Jan. 12, 2021<\/span> \/PRNewswire\/ &#8212; Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (&#8220;Pingtan,&#8221; or the &#8220;Company&#8221;), a fishing company based in <span class=\"xn-location\">the People&#8217;s Republic of China<\/span>, announced on <span class=\"xn-chron\">January 8, 2021<\/span> that it received <span class=\"xn-money\">$4 million<\/span> investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value <span class=\"xn-money\">$0.001<\/span> per share (&#8220;Series A Preferred Shares&#8221;), in a registered direct offering. Each Series A Preferred Share is convertible into the Company&#8217;s ordinary shares at a conversion price per share equal to the lesser of (i) <span class=\"xn-money\">$2.00<\/span> and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower than <span class=\"xn-money\">$0.44<\/span>, subject to certain adjustments. Holders of Series A Preferred Shares are entitled to receive\u00a0dividends of 8.0% per annum. <\/p>\n<p>For example, if all the 4 million Series A Preferred Shares were converted at <span class=\"xn-money\">$2.00<\/span>, it would have resulted in the holder receiving approximately 2.36 million of the Company&#8217;s ordinary shares.<\/p>\n<p>As provided in the material terms of the Series A Preferred Shares, on each Monday following the 14th day after the original issue date, <span class=\"xn-chron\">January 8, 2021<\/span>, the holder of Series A Preferred Shares will convert a minimum of <span class=\"xn-money\">$250,000<\/span> of the stated valued of the Series A Preferred Shares into ordinary shares at the applicable conversion rate until there are no remaining Series A Preferred Shares held by such holder. The first conversion date is expected to occur on <span class=\"xn-chron\">January 25, 2021<\/span>. The conversion rate will be determined as of such conversion date as described above.<\/p>\n<p>The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248620) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;). A prospectus supplement and accompanying prospectus describing the terms of this offering have been filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, may be obtained from the SEC&#8217;s website at <a target=\"_blank\" href=\"http:\/\/www.sec.gov\/\" rel=\"nofollow noopener noreferrer\">www.sec.gov<\/a>. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained from Spartan Capital Securities, LLC, the exclusive placement agent for the offering, by email to <a target=\"_blank\" href=\"mailto:investmentbanking@spartancapital.com\" rel=\"nofollow noopener noreferrer\">investmentbanking@spartancapital.com<\/a>.<\/p>\n<p>This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. <\/p>\n<p>\n        <b>About Pingtan<\/b>\n      <\/p>\n<p>Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.<\/p>\n<p>\n        <b>Business Risks and Forward-Looking Statements<\/b>\n      <\/p>\n<p>This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;planned,&#8221; &#8220;potential,&#8221; &#8220;can,&#8221; &#8220;expectation&#8221; and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include, but are not limited to, the anticipated use of net proceeds from the offering; the expected timing for the conversion of the Series A Preferred Shares; anticipated issuance of new fisheries policy by the Indonesian government and fishing operations in <span class=\"xn-location\">Indonesia<\/span> by the Company thereafter; Pingtan&#8217;s ability to assist in the renewal of fisheries cooperation and to promote the economic and trade exchanges and cooperation between <span class=\"xn-location\">China<\/span> and <span class=\"xn-location\">Indonesia<\/span>; and other risk factors contained in Pingtan&#8217;s SEC filings available at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">www.sec.gov<\/a>, including Pingtan&#8217;s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.<\/p>\n<p>\n        <b>CONTACT:<\/b>\n      <\/p>\n<p>LiMing <span class=\"xn-person\">Yung (Michael)<\/span><br \/>Chief Financial Officer<br \/>Pingtan Marine Enterprise Ltd.<br \/>Tel: +86 591 87271753<br \/><a target=\"_blank\" href=\"mailto:michaelyung@ptmarine.net\" rel=\"nofollow noopener noreferrer\">michaelyung@ptmarine.net<\/a><\/p>\n<p>\n        <span class=\"xn-person\">Maggie Li<\/span><br \/>\n        <br \/>Investor Relations Manager<br \/>Pingtan Marine Enterprise Ltd.<br \/>Tel: +86 591 87271753<br \/><a target=\"_blank\" href=\"mailto:mli@ptmarine.net\" rel=\"nofollow noopener noreferrer\">mli@ptmarine.net<\/a><\/p>\n<p>\n        <b>INVESTOR RELATIONS<\/b>\n      <\/p>\n<p>PureRock Communications Limited<br \/><a target=\"_blank\" href=\"mailto:PTmarine@pure-rock.com\" rel=\"nofollow noopener noreferrer\">PTmarine@pure-rock.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN45888&amp;sd=2021-01-12\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/pingtan-marine-enterprise-ltd-provides-update-on-recent--4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares-301206353.html\">http:\/\/www.prnewswire.com\/news-releases\/pingtan-marine-enterprise-ltd-provides-update-on-recent&#8211;4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares-301206353.html<\/a><\/p>\n<p>SOURCE  Pingtan Marine Enterprise Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN45888&amp;Transmission_Id=202101120800PR_NEWS_USPR_____CN45888&amp;DateId=20210112\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire FUZHOU, China, Jan. 12, 2021 \/PRNewswire\/ &#8212; Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (&#8220;Pingtan,&#8221; or the &#8220;Company&#8221;), a fishing company based in the People&#8217;s Republic of China, announced on January 8, 2021 that it received $4 million investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value $0.001 per share (&#8220;Series A Preferred Shares&#8221;), in a registered direct offering. Each Series A Preferred Share is convertible into the Company&#8217;s ordinary shares at a conversion price per share equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pingtan-marine-enterprise-ltd-provides-update-on-recent-4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pingtan Marine Enterprise Ltd. Provides Update on Recent $ 4 million Registered Direct Offering and Date of Initial Conversion of First Tranche of Series A Preferred Shares&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-412924","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pingtan Marine Enterprise Ltd. Provides Update on Recent $ 4 million Registered Direct Offering and Date of Initial Conversion of First Tranche of Series A Preferred Shares - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pingtan-marine-enterprise-ltd-provides-update-on-recent-4-million-registered-direct-offering-and-date-of-initial-conversion-of-first-tranche-of-series-a-preferred-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pingtan Marine Enterprise Ltd. Provides Update on Recent $ 4 million Registered Direct Offering and Date of Initial Conversion of First Tranche of Series A Preferred Shares - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire FUZHOU, China, Jan. 12, 2021 \/PRNewswire\/ &#8212; Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (&#8220;Pingtan,&#8221; or the &#8220;Company&#8221;), a fishing company based in the People&#8217;s Republic of China, announced on January 8, 2021 that it received $4 million investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value $0.001 per share (&#8220;Series A Preferred Shares&#8221;), in a registered direct offering. Each Series A Preferred Share is convertible into the Company&#8217;s ordinary shares at a conversion price per share equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower &hellip; Continue reading &quot;Pingtan Marine Enterprise Ltd. 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(Nasdaq: PME), (&#8220;Pingtan,&#8221; or the &#8220;Company&#8221;), a fishing company based in the People&#8217;s Republic of China, announced on January 8, 2021 that it received $4 million investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value $0.001 per share (&#8220;Series A Preferred Shares&#8221;), in a registered direct offering. Each Series A Preferred Share is convertible into the Company&#8217;s ordinary shares at a conversion price per share equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower &hellip; Continue reading \"Pingtan Marine Enterprise Ltd. 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