WALNUT, CA, Dec. 20, 2024 (GLOBE NEWSWIRE) — Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today announced that it has closed on the $5 million second tranche of the Pre-Paid Advance (as defined below) pursuant to a Standby Equity Purchase Agreement (the “SEPA”) the Company entered into with YA II PN, Ltd. (“YA”), a fund managed by Yorkville Advisors Global, LP.
As previously announced on November 25, 2024, Armlogi entered into the SEPA, where, pursuant to the terms of the SEPA, Armlogi will have the right, from time to time, until December 1, 2026, to require the Investor to purchase up to $50 million of shares of common stock of the Company, subject to certain limitations and conditions set forth in the SEPA, by delivering written notice to YA (an “Advance Notice”). Pursuant to the SEPA, YA will advance to the Company, subject to the satisfaction of certain conditions as set forth therein, the principal amount of $21 million (the “Pre-Paid Advance”), which will be evidenced by convertible promissory notes (the “Promissory Notes”, together with the “SEPA”, the “Offering”) in three tranches. The Company has now received two tranches of the Pre-Paid Advance of $5 million each.
“This second tranche closing represents another important milestone in strengthening Armlogi’s financial position and advancing our growth initiatives,” said Aidy Chou, Chairman and Chief Executive Officer of Armlogi. “The continued support from Yorkville Advisors through our SEPA arrangement provides us with flexible capital to execute our strategic plans and enhance our comprehensive supply-chain solutions platform. We remain focused on delivering value to our customers and shareholders as we continue to expand our warehousing and logistics capabilities.”
About Armlogi Holding Corp.
Armlogi Holding Corp., based in Walnut, CA, is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market. With ten warehouses covering over three million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology for handling and storing large and bulky items. For more information, please visit www.armlogi.com.
