Sino-Global Shipping America, Ltd. (SINO) Enters $4.77M Registered Direct Offering; Shares Fall 22%
Sino-Global Shipping America, Ltd. (NASDAQ:SINO) announced it has entered into definitive agreements with three institutional investors to purchase an aggregate of $4.77 million of its common stock in a registered direct offering at $3.18 per share, a 28% discount to yesterday’s closing price.
Sino-Global shares reacted to the announcement, diving nearly 22% to $3.45. SINO has a 1-year high of $14.20 and a 1-year low of $0.40. The stock’s 50-day moving average is $3.10 and its 200-day moving average is $2.32.
The offering is expected to close on or about February 21, 2017. The Company estimates that the net proceeds from the offering, after deducting estimated offering expenses and placement agent fees, are expected to be approximately $4.3 million. Sino-Global will use the net proceeds of the offering for working capital and general corporate purposes.
Sino-Global Shipping America Ltd. is a logistics and ship management services company. The company through its subsidiaries engages in shipping, chartering, logistics and related services. It operates its business through three segments: Shipping Agency and Ship Management Services, Shipping and Chartering Services, and Inland Transportation Management Services. Sino-Global Shipping America was founded by Cao Lei on February 2, 2001, and is headquartered in Roslyn, NY