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Jowell Global Ltd. (NASDAQ:JWEL) announced Monday that it has terminated a previously planned private placement of ordinary shares and instead entered into a promissory note agreement with its major shareholder. The information is based on a press release statement and a recent SEC filing.
According to the filing, on November 11, Jowell Global and Jowell Holdings Ltd. mutually agreed to terminate a Securities Purchase Agreement that had been signed on October 14. That agreement would have seen Jowell Global sell 2,000,000 ordinary shares at $1.40 per share, for a total of $2.8 million. The company confirmed that the private placement did not close.
On November 14, Jowell Global entered into a new agreement with Jowell Holdings Ltd., under which the company sold a promissory note to the shareholder for $2.8 million. The note bears interest at 4% per year and matures 36 months from the date the purchase price is paid. Payment of interest is due at maturity. The transaction was conducted under an exemption from registration provided by Regulation S under the Securities Act of 1933.
Jowell Holdings Ltd. is described as a major shareholder of the company. The company’s principal executive office is located in Shanghai, China.
The filing states that the descriptions of the agreements are qualified in their entirety by the full texts of the documents, which were attached as exhibits.
Jowell Global Ltd. is listed on the NASDAQ under the ticker JWEL.
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