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Top Win International Ltd (NASDAQ:SORA) announced Monday it has entered into a securities purchase agreement to issue a convertible note with a principal amount of $3,050,000. The agreement was signed on Saturday, according to a statement in a recent SEC filing.
The convertible note will carry an interest rate of 3.0% per annum and has a three-year term. The note is convertible into the company’s ordinary shares at an initial conversion price of $8.79 per share. The purchase price for the note is set at 100% of its principal amount.
The closing of the sale and purchase of the note remains subject to customary closing conditions. The transaction is expected to close on or before August 8.
Top Win International is a Cayman Islands exempted company with its principal executive office in Hong Kong. The company is listed on the Nasdaq under the ticker SORA.
This information is based on a press release statement included in the company’s recent SEC filing.
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