Caravelle International Group Entered Some Agreements With Two Institutional Investors To Terminate All Terms And Provisions Of The Securities Purchase Agreement And Other Related Transaction Agreements Dated January 5, 2024
Portfolio Pulse from Benzinga Newsdesk
Caravelle International Group (NASDAQ:CACO) has entered agreements with two institutional investors to terminate all terms and provisions of the Securities Purchase Agreement dated January 5, 2024. This includes buying back a $1.5 million Senior Secured Original Issue 15% Discount Convertible Promissory Note and cancelling the investors' rights to purchase the company's common shares.
August 08, 2024 | 2:11 pm
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Caravelle International Group has terminated its Securities Purchase Agreement with institutional investors, buying back a $1.5 million note and cancelling share purchase rights.
The termination of the Securities Purchase Agreement and the buyback of the $1.5 million note reduces potential dilution of shares and financial obligations, which is likely to be viewed positively by investors.
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