10:15 AM EDT, 08/23/2024 (MT Newswires) -- DDC Enterprise ( DDC ) said Friday it completed a deal with 10 creditors to retire $4.8 million of outstanding principal and interest, along with a private placement with four investors purchasing $1.7 million in class A ordinary shares.

The company issued 9.5 million class A ordinary shares due to the conversion of the debt into stock and the private placement.

Proceeds from the financing are expected to be used for working capital and other corporate purposes, the company said.