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Origin Agritech Limited (NASDAQ:SEED) reported several corporate actions in a statement released Tuesday, based on a recent SEC filing.
The company modified an existing securities sale agreement with two investors, originally entered on August 21, 2024. Under the revised terms, Origin Agritech will sell a total of 1,234,300 ordinary shares at an adjusted price of $1.20 per share. The aggregate consideration for these shares is $1,481,250. The shares will be issued as restricted stock under an exemption from the Securities Act of 1933 and do not include registration rights.
In a separate transaction, the Board of Directors approved the sale of 2,000,000 ordinary shares to Yan Weibin, the company’s Chief Executive Officer and Director, at a price of $1.20 per share. The gross proceeds from this sale amount to $2,400,000. According to the filing, the funds will be used for general corporate purposes and repayment of outstanding debt. The securities purchase agreement with Mr. Yan was executed as of Monday. These shares are also being issued as restricted stock without registration rights.
Additionally, on September 11, the Board adopted a new compensation plan for independent directors. Under the plan, each non-employee director and the Chairman of the Nomination and Compensation Committee will receive an annual payment of $18,000, 2,000 shares, and 2,000 options under the company’s 2024 Performance Equity Plan. The Chairman of the Audit Committee will receive an annual payment of $30,000, along with 2,000 shares and 2,000 options.
All information is based on a press release statement contained in the company’s SEC filing.
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