NEW YORK,
NY / ACCESSWIRE / January 9, 2020
We are
pleased to announce Yunhong Group has successfully acquired Nasdaq listed CTI
Industries Corporation which is headquartered in The United States. At the same
time, we have commenced renaming the listed Company to Yunhong CTI Ltd.
On January
3, 2020, Mr. Li, formally signed for the purchase of 500,000 newly issued Class
A convertible preferred shares of CTI for US $5 million. The first $2.5 million
is expected to be funded on or before January 10, 2020, while the balance of
$2.5 million will close after certain conditions are met.
In
addition, Mr Li will appoint a new Director to the Board.
Once the
transaction was announced the stock skyrocketed, closing Monday, January 6, up
225%, from Friday’s,
January 3, closing price. A record 22.9 million shares of the Company’s stock
traded in one day.
Mr. Li
(picture below), created a significant new investment arrangement that enables
Yunhong CTI Ltd., to rapidly implement novel strategic and financial plans. The
newly funded Company intends to execute an amendment with its bank modifying
its credit facility. The new investment arrangement also included the rapid
submission of an initial plan to regain compliance with listing standards of the
Nasdaq Stock Exchange.
The newly
established Yunhong CTI Ltd., will update shareholders and future investors on the ongoing
development of the Company, which has a very bright future.
