Powell Max Limited Announces Significant New Financing – Committed Equity Line of Credit up to $40 Million
Powell Max Limited - Class A Ordinary Shares (PMAX)
Company Research
Source: GlobeNewswire
HONG KONG, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced that it has secured a significant new financing option through a standby equity line of credit (“Equity Line”) with YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP (“Yorkville”). This Equity Line allows Powell Max to issue and sell up to $40 million of its Class A ordinary shares to Yorkville. In connection with the Equity Line, Powell Max has issued a $1 million convertible promissory note to Yorkville due November 2025. Powell Max will file a Current Report on Form 6-K with the Securities and Exchange Commission, with additional details of the transactions. The $40 million Equity Line will allow Powell Max to expand its portfolio of liquidity solutions and support its other strategic partnerships and investments in the financial communications and ancillary sectors.
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