Singularity Future Technology Closes Upsized Warrant Purchase Agreement

Rhea-AI Summary

Singularity Future Technology Ltd. (NASDAQ: SGLY) announced the completion of an upsized Warrant Purchase Agreement on January 11, 2022. The agreement involved the repurchase of 3,870,800 warrants at $2.00 each from warrant holders, totaling approximately $7.74 million. Additionally, 103,200 shares were repurchased, bringing the total to 3,974,000. CEO Leo Jie emphasized the company's solid financial position, aiming to streamline its capital structure and pursue growth in cryptocurrency and other markets. The transaction is expected to enhance shareholder value.

Positive

• Successfully repurchased 3,974,000 warrants and shares, streamlining capital structure.
• Transaction highlights a strong financial position, allowing strategic growth pursuits.

Negative

• None.

GREAT NECK, N.Y., Jan. 11, 2022 /PRNewswire/ -- Singularity Future Technology Ltd. (formerly known as Sino-Global Shipping America, Ltd.) (the "Company") (NASDAQ: SGLY) announced it closed an upsized warrant purchase agreement.

Chief Executive Officer, Mr. Yang "Leo" Jie, commented, "We were able to take advantage of our healthy financial position to facilitate this transaction, which will streamline our capital structure and benefit shareholders. Our focus remains on driving sustainable revenue and profit growth, as we execute on our business diversification and growth efforts in cryptocurrency and other new markets."

On January 6, 2022, the Company entered into a Warrant Purchase Agreements with certain warrant holders (the "Sellers") pursuant to which the Company agreed to buy back an aggregate of 3,870,800 warrants (the "Warrants") from the Sellers, and the Sellers agreed to sell the Warrants back to the Company. These Warrants were sold to these Sellers in three previous transactions that closed on February 11, 2021, February 10, 2021, and March 14, 2018. The purchase price for each Warrant is $2.00. Following announcement of the Warrant Purchase Agreements, on January 6, 2022, the Company agreed to repurchase an additional 103, 200 shares from other Sellers on the same terms as the previously announced Warrant Purchase Agreement. The aggregate number of shares repurchased under the Warrant Purchase Agreements was 3,974,000.

On January 7, 2022, the Company wired the purchase price to each Seller. Each Seller has agreed  to deliver the Warrant to the Company for cancellation as soon as practicable following the closing date, but in no event later than January 13, 2022. The Warrants are deemed cancelled upon the receipt by the Sellers of the purchase price.

About Singularity Future Technology Ltd.(NASDAQ: SGLY)

Founded in the United States in 2001, Singularity Future Technology Ltd. (formerly known as Sino-Global Shipping America, Ltd.) has been diversifying into the cryptocurrency market, while continuing to support and grow its shipping, chartering, logistics and related services business. Headquartered in New York, The Company has offices in  Mainland China and United States . Additional information about the Company can be found on the Company's corporate website at www.sino-global.net.  

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include SGLY's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on SGLY's operations, the demand for SGLY's products and services, global supply chains and economic activity in general. Moreover, the value of cryptocurrencies may fluctuate significantly over time, and the success of the JV and its products are not assured. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. SGLY's SEC filings are available publicly on the SEC's website at www.sec.gov. SGLY disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/singularity-future-technology-closes-upsized-warrant-purchase-agreement-301458310.html

SOURCE Sino-Global Shipping America, Ltd.; Singularity Future Technology Ltd.

FAQ

What is the recent announcement by Singularity Future Technology Ltd. regarding warrants?

On January 11, 2022, Singularity Future Technology Ltd. announced the closure of an upsized Warrant Purchase Agreement, repurchasing 3,870,800 warrants.

How much did Singularity Future Technology Ltd. pay for the warrants in the recent purchase?

The company repurchased the warrants at a price of $2.00 each, totaling approximately $7.74 million.

When was the Warrant Purchase Agreement completed by Singularity Future Technology Ltd.?

The Warrant Purchase Agreement was completed on January 11, 2022.

What are the future plans of Singularity Future Technology Ltd. mentioned in the press release?

The company plans to focus on revenue and profit growth through diversification into cryptocurrency and other new markets.

What is the total number of warrants and shares repurchased by Singularity Future Technology Ltd. as per the recent announcement?

The total number of warrants and shares repurchased was 3,974,000.