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.