LAKESIDE HOLDING ANNOUNCES A CONVERTIBLE DEBT FINANCING OF UP TO $4.5 MILLION
Summary
ITASCA, Ill., March 5, 2025 /PRNewswire/ -- Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market operating through two specialized subsidiariesAmerican Bear Logistics and Hupan Pharmaceutical (Hubei) Co., Ltd., today announced that it has entered into a securities purchase agreement with an institutional investor for the sale of senior secured 7% original issue discount convertible promissory notes ( "Notes") in the principal amount of up to $4.5 million, with 40% warrant coverage, to be drawn in tranches, for gross proceeds of up to approximately $4.2 million.The Company plans to use the net proceeds when received from the offering for working capital purposes. On March 5, 2025, the initial closing of the first tranche occurred pursuant to which the Company sold a Note in the principal amount of $1,000,000 and warrants to 318,827 shares at an exercise price of $1.9098, for total gross proceeds, before deducting offerings fees and expenses, of $930,000.Lakeside Holding Limited is a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market. This strategic move underscores Lakesides commitment to advancing integrated cross-border logistics solutions.For more information, please visit https://lakeside-holding.com. The Company routinely updates important information on its website.This press release contains forward-looking statements that reflect our current expectations and views of future events. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions.