PME - PME STOCK NEWS

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) announced a $4 million investment through the issuance of 4 million Series A Convertible Preferred Shares as part of a registered direct offering. Each share is convertible into common shares at a price of $2.00 or 90% of the lowest average price during the prior ten trading days, with a minimum conversion price of $0.44. Holders will receive 8% annual dividends. The initial conversion is expected on January 25, 2021.

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has completed a registered direct offering, selling $4.0 million in Series A Convertible Preferred Shares at $1.00 each. The offering totals 4,000,000 shares, convertible at a price of $2.00 or 90% of the lowest volume-weighted average price in the previous ten trading days, with a minimum of $0.44. Net proceeds, estimated at $3.43 million, will support working capital, corporate purposes, and potential acquisitions. Spartan Capital Securities acted as the exclusive placement agent for this transaction.

Pingtan Marine Enterprise Ltd. (NASDAQ: PME) recently announced that 20 of its fishing vessels received approval for modification and rebuilding from China's Ministry of Agriculture and Rural Affairs. The vessels, acquired in December 2013, had ceased operations due to a government-mandated moratorium in Indonesia in 2015. After modifications, these vessels will operate as seine fishing vessels with a length of 57 meters and a gross tonnage of 1,110. Eight vessels will operate in the Indian Ocean and twelve in the North Pacific, enhancing Pingtan's fishing capacity.

Pingtan Marine Enterprise Ltd. (NASDAQ: PME) announced the deployment of its largest refrigerated transport vessel, Fu Yuan Yu Yun 992, and six squid jigging vessels. The Fu Yuan Yu Yun 992, measuring 132.06 meters with a gross tonnage of 8374, departed Shidao Port on December 12, 2020, for international waters. The squid jigging vessels, which had undergone maintenance, left Mawei Port on December 17, 2020, to operate in the Southeast Pacific Ocean. This marks a significant operational expansion for Pingtan in ocean fishing.

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) will hold its Annual General Meeting of Members (AGM) on December 23, 2020, at 10:00 a.m. CST in Fuzhou, China. Shareholders will vote on key proposals including the election of a Class B director for a three-year term, non-binding approval of executive compensation, frequency of future advisory votes on executive compensation, and ratification of BDO China Shu Lun Pan as the independent public accounting firm for 2020. Only shareholders registered by November 9, 2020, can attend.

Pingtan Marine Enterprise Ltd. (NASDAQ: PME) announced a successful study visit led by CEO Xinrong Zhuo to Zhanjiang Guolian Aquatic Products Co., Ltd. on November 17, 2020. The visit focused on Guolian's intelligent processing technology and whole-industry-chain operations for aquatic food. Both companies discussed potential collaborations in marine catch processing, particularly squid and tuna, which could enhance Pingtan's product offerings and value-addition. Guolian is known for its comprehensive operations in the aquatic industry, including R&D and processing.

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) reported unaudited financial results for Q3 2020, revealing revenues of $15.4 million, a 38.2% increase year-over-year, and a net income of $0.8 million or $0.01 per share. Sales volumes surged by 69.3%, attributed to operational improvements despite ongoing COVID-19 impacts. However, gross profit fell to $1.7 million, with a gross margin of 10.7%, down from 32.1% the previous year. Management remains optimistic about future growth driven by new operational initiatives and the strategic Pingtan International Marine Industry and Logistic Park.

Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has announced the release of its third-quarter financial results, covering the nine months ending September 30, 2020. The results will be made public after U.S. market hours on November 9, 2020, followed by a conference call at 8:30 a.m. ET on November 10, 2020. Interested parties can access the call through the company's website or by dialing the specified participant numbers for U.S. and international callers.

Pingtan Marine Enterprise Ltd. (NASDAQ: PME) has announced the completion of its Pingtan International Marine Industry and Logistics Park. The park features a fish processing plant capable of processing 100,000 tons of catches annually and cold-storage facilities with over 250,000 tons of capacity. This strategic investment will enable Pingtan to enter the direct-to-retail market, enhancing its vertical integration from catching to processing and sales. The facilities are expected to begin operations by year-end, potentially improving the company's gross margins and earnings significantly.