On October 19, 2020, IsZo Capital Management LP announced that it had commenced legal proceedings against Nam Tai Property Inc., Kaisa Group Holdings Limited’s wholly-owned subsidiary Greater Sail Limited and West Ridge Investment Company Limited in the Eastern Caribbean supreme court. IsZo Capital stated that its action seeks to invalidate the Company’s $170 million private placement that distributed 16,051,219 shares to Kaisa-Greater Sail and 2,603,366 shares to West Ridge, which equated to 47.6% of the Company’s outstanding shares on a pre-issuance basis, and an order requiring the Company to convene the meeting of members that was requisitioned by 40% of the outstanding shares on September 11, 2020. IsZo noted that on October 14, 2020, the court had granted IsZo’s request for injunctions designed to protect shareholders as the legality of the transaction is contested.