Sino-Global (NASDAQ: SINO) shares fell 21% after the company this morning announced that it has entered into definitive agreements with three institutional investors to purchase a total of $4.77 million of its common stock in a registered direct offering at $3.18 per share. The company, a non-asset based global shipping and freight logistic integrated solution provider, estimates that the net proceeds from the offering will be approximately $4.3 million after deducting estimated offering expenses and placement agent fees. Sino-Global will use the net proceeds of the offering for working capital and general corporate purposes. The offering is expected to close on or about February 21, 2017.
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About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related services. Headquartered in New York, Sino-Global has offices in Los Angeles, Mainland China, Australia, Canada and Hong Kong. The company’s current service offerings consist of inland transportation management services and freight logistic services. Additional information about Sino-Global can be found on the Company’s corporate website at www.sino-global.net.
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