Nature’s Miracle Holding Inc. shares are trading higher Tuesday after announcing that it had entered into a Securities Purchase Agreement (SPA) with a single institutional investor.

What To Know: The agreement allows Nature’s Miracle to sell up to $29.7 million in a newly-designated class of convertible preferred stock. The initial tranche of $2.7 million will be funded immediately, with $1.8 million paid within one business day of the deal closing and the remaining $900,000 to be funded once the company’s common stock is registered for resale.

Furthermore, the investor will receive warrants to purchase shares of common stock with each tranche funding.

NMHI Price Action: Nature Miracle shares were up 33.6% at $1.52 at the time of writing, according to Benzinga Pro.

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