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Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced a securities purchase agreement to raise approximately $13.6 million through a registered direct offering of 1,998,500 shares of common stock at $6.805 per share. Concurrently, the company will issue unregistered warrants for an equal number of shares, exercisable for 5.5 years. The offering is set to close around February 10, 2021. Maxim Group LLC is acting as the sole placement agent for this transaction.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced the appointment of Lei Nie as Chief Operating Officer and Xintang You as Chief Technology Officer to lead its expansion into Bitcoin mining. This strategic move aims to enhance Sino-Global's logistics services by integrating innovative technologies related to cryptocurrency. CEO Lei Cao expressed enthusiasm about this opportunity, stating the company is well-positioned for growth while diversifying its operations. The press release also noted potential risks, including cryptocurrency market volatility and impacts from COVID-19.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced the appointment of Lei Nie as Chief Operating Officer and Xintang You as Chief Technology Officer, effective January 28, 2021. Mr. Nie, with experience as the principal IT architect at Sino-Global, previously held senior roles at IBM China. Mr. You brings over 20 years of semiconductor and cryptocurrency industry expertise, having previously served as CEO of Shenzhen Rayshine Technology. The company aims to leverage their backgrounds in blockchain and innovative technologies to enhance logistics operations.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) has successfully closed a registered direct offering and concurrent private placement totaling $4.8 million. After costs, the net proceeds are approximately $4.2 million, intended for working capital and corporate purposes. The offering was facilitated by Maxim Group LLC. The shares were sold under a shelf registration statement with the SEC, filed in 2017, and the warrants from the private placement are not registered under the Securities Act. This move aims to enhance the company's financial position amidst ongoing challenges.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced a securities purchase agreement to sell approximately $4.8 million in common stock and associated warrants. The company plans to issue approximately 1.6 million shares and 1.2 million warrants, exercisable at $3.10 each. This registered direct offering, closing around December 11, 2020, aims to bolster financial resources despite market uncertainties. Maxim Group LLC acts as the placement agent for the offering, which is conducted under an SEC registration statement.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced a non-binding letter of intent to acquire 51% of Shenzhen Jiayoubao Mobile Internet Co., Ltd. for approximately $1.1 million in common stock. Jiayoubao, founded in 2014, provides innovative mobile services, including mobile refueling and QR code payments, with over 70 million users. This acquisition aims to enhance Sino-Global's transport capacity and technological integration in the logistics supply chain, particularly post-COVID-19.
Sino-Global Shipping America reported fiscal year 2020 results, revealing a significant 84.4% decline in total revenues to $6.54 million, down from $41.77 million in 2019. The drop was primarily attributed to COVID-19 impacts and the expiration of key contracts. Operating loss surged to $17.74 million, a 197.1% margin. The net loss attributable to shareholders was $16.45 million with a loss per share of $4.78. Despite these challenges, the company regained compliance with NASDAQ listing requirements following a reverse stock split.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced a Memorandum of Understanding (MOU) for a joint venture with Tianjin Anboweiye Technology Co., Ltd. on September 29, 2020. This venture aims to enhance Sino-Global's logistics services by incorporating advanced technology such as big data, AI, and blockchain solutions. Tianjin Anboweiye, established in 2014, specializes in providing innovative business-level technology solutions. The partnership is poised to meet the evolving demands for intelligent logistics in a globalized market.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced on July 23, 2020, that it has regained compliance with the Nasdaq's minimum bid price rule, with its stock closing above $1.00 per share. This is a significant development as it allows the Company to maintain its listing on the Nasdaq Stock Market. The Nasdaq Hearing Panel confirmed that the compliance issue is now resolved. Sino-Global provides various logistics services, including shipping agency and management, with a global presence.
Sino-Global Shipping America (NASDAQ: SINO) reported a significant decline in total revenues for the fiscal 2020 third quarter, totaling $1.35 million, down from $22.77 million the previous year. The company experienced an operating loss of $4.03 million, worsening from $1.23 million in the prior year. Despite challenges from U.S.-China trade tensions and COVID-19, Sino-Global has expanded its agency services, signed agreements to charter two ships, and established a significant MOU aimed at increasing revenue. The gross profit margin improved to 34.3%.
