HWGC Holdings Limited announced that it has entered into a Letter of Intent for a private placement of 25,000,000 redeemable convertible preference shares (RCPS) at a price of $1 per share for gross proceeds of $25,000,000 on May 10, 2022. The transaction has been approved by the United States Securities and Exchange Commission. The transaction is expected to close within a month upon the approval of RCPS issuance by the authority.