Group 1 - The Company, Caravelle International Group, has entered into agreements with two institutional investors to terminate the Securities Purchase Agreement and related transaction agreements, involving a buyback of a $1.5 million convertible promissory note and cancellation of warrants [1][2] - Under the new Note and Warrant Purchase and Settlement Agreement, the Company will pay the Investors $1.375 million and issue 300,000 ordinary shares, leading to the automatic termination of previous agreements and cancellation of all rights related to the warrants [2] - Management believes that this settlement agreement will support the Company's growth [3] Group 2 - Caravelle International Group operates in two sectors: traditional international shipping and a new CO-Tech business focused on wood desiccation during maritime shipping, which has not yet generated revenue [4] - The traditional shipping business has been the sole revenue generator for the Company, while the CO-Tech business is a new development aimed at enhancing operational efficiency [4]
Caravelle International Group Announces a Note and Warrant Purchase and Settlement Agreement