10:53 AM EST, 11/26/2024 (MT Newswires) -- Armlogi ( BTOC ) said Tuesday it has secured funding through a $50 million standby equity purchase agreement with YA II PN and $21 million in convertible promissory notes in three tranches.

The standby equity purchase agreement enables Armlogi ( BTOC ) to sell common stock to YA II PN over two years, with an initial $5 million pre-paid advance already received.

If no balance remains on the promissory notes, Armlogi ( BTOC ) can at its discretion sell shares to YA II PN by issuing advance notices, following the effectiveness of a US Securities and Exchange Commission registration statement for the common shares and the fulfillment of other standard conditions, the company said.

Armlogi ( BTOC ) said it plans to use the proceeds for working capital, general corporate purposes, and the repayment of pre-paid advances.

Shares of Armlogi ( BTOC ) were 0.3% higher in recent trading.

Price: 6.28, Change: +0.10, Percent Change: +1.62