Shenzhen Coship Electronics Co., Ltd. announced that it expects to receive CNY 344.633378 million in funding from Fujian Tengxu Industrial Co., Ltd.
August 19, 2021
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Shenzhen Coship Electronics Co., Ltd. announced a private placement of does not exceed 223,787,908 shares at a price of CNY 1.54 per share for gross proceeds of does not exceed CNY 344,633,378.32 on August 20, 2021. The transact will include participation from new investor Fujian Tengxu Industrial Co., Ltd. for 28.05% stake. The company will issue share at par value of CNY 1 each. The company signed a conditional effective stock subscription agreement" with investor. The lock-up period is 18 months. The resolution for the private placement of shares is valid for 12 months from the date of deliberation and approval by the shareholders' meeting. The transaction has been approved by board of director of company at the 5th meeting of the 6th directorate and are subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission.
SHENZHEN COSHIP ELECTRONICS CO., LTD is a China-based company, principally engaged in telecommunication industry, as well as manufacture and sales of relevant equipment. The Company mainly provides cable television (CATV) access devices, satellite television subscriber terminals, and others. The Company's products consist of encoders, transcoders, decoders, digital video broadcasting (DVB) gateways, set top boxes, such as wired digital set top boxes, satellite digital set top boxes, terrestrial digital set top boxes and others, wireless routers, network cameras and others. The Company distributes its products in both domestic and overseas markets.