Powell Max Limited Announces Significant New Financing – Committed Equity Line of Credit up to $40 Million
22 November 2024 - 3:15PM
Powell Max Limited (Nasdaq: PMAX) (the “
Company”
or “
Powell Max”), a financial communications
services provider headquartered in Hong Kong, today announced that
it has secured a significant new financing option through a standby
equity line of credit (“
Equity Line”) with YA II
PN, Ltd., an affiliate of Yorkville Advisors Global, LP
(“
Yorkville”). This Equity Line allows Powell Max
to issue and sell up to $40 million of its Class A ordinary shares
to Yorkville. In connection with the Equity Line, Powell Max has
issued a $1 million convertible promissory note to Yorkville due
November 2025. Powell Max will file a Current Report on Form 6-K
with the Securities and Exchange Commission, with additional
details of the transactions.
The $40 million Equity Line will allow Powell
Max to expand its portfolio of liquidity solutions and support its
other strategic partnerships and investments in the financial
communications and ancillary sectors.
Powell Max will file a Registration Statement on
Form F-1 with the Securities and Exchange Commission in relation to
the Equity Line. Tsz Kin Wong, CEO of Powell Max stated “we are
thrilled to partner with Yorkville in providing us with an
important source of potential funding. The facility would enhance
Powell Max’s financial flexibility and strategic development. We
are grateful that Yorkville shares our visions and missions, and we
look forward to a long and mutually successful partnership.”
Forward-Looking Statements
This press release contains certain
forward-looking statements, including statements with regard to the
Company’s proposed transactions. Words such as “will,” future,”
“expects,” “believes,” and “intends,” or similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements are subject to inherent uncertainties in predicting
future results and conditions and no assurance can be given that
the proposed transaction discussed above will be completed on the
terms described or achieve the objectives contemplated. The
Company’s ability to utilize the new financing platform effectively
and successfully are subject to numerous factors, many of which are
beyond the control of the Company, including, without limitation,
the failure of customary conditions precedent and the risk factors
and other matters set forth in the Company’s SEC filings. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
For investor and media inquiries, please
contact:
Company Info:
Powell Max LimitedInvestor
Relationsir@janfp.com (852) 2158 2888
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