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Yang Ming Receives “Vast Interest” from Shareholders

[ June 29, 2017   //   ]

Yang Ming announced that it has raised US$54 million from several private investors in the first round of its comprehensive recapitalization plan, with “vast interest” from current shareholders.

In a statement on its website, officials write: “To recap briefly, Yang Ming had set out a comprehensive recapitalization plan to raise capital in 2017. The plan involved a reverse split of Yang Ming’s then outstanding shares as well as a coordination of multiple rounds of private placement. In our first round of private placement, Yang Ming successfully raised US$54 million from several private investors.

“The following round of private placement is currently underway and ongoing. Thus far, the amount of private placement pledged by investors already exceeds the amount of capital Yang Ming raised in the first round of issuance. Additionally, while this round currently is limited to select investors only, Yang Ming is studying the feasibility of opening the remaining rounds of issuance to current shareholders as well, in response to the vast interest exhibited by current shareholders to participate in the placement. Because the process to expand the placement to include current shareholders will take some time to complete, Yang Ming will endeavor to keep you apprised of details as they develop.

“In the meantime, Yang Ming is appreciative and proud of this broad support, and is confident in achieving its recapitalization goal. At the same time, Yang Ming can also confidently say that recent performance indicators show continuing signs of recovery. Based on 2nd quarter data, we are seeing a scenario where there is stronger demand over existing supply on many of the trade lanes Yang Ming serves.”