XI'AN, China, May 30, 2017 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today announced that it filed a
registration statement with the Securities and Exchange Commission
(the "SEC") to register certain warrants issued in a private
placement closed concurrently with the $2,672,500 registered direct offering on
April 18, 2017 and certain shares
issued pursuant to a Share Purchase Agreement between the Company
and SkyPeople International Holdings Group Limited, a major
shareholder of the Company in October
2015.
The registration statement covers the warrants and the shares of
common stock issuable upon the exercise of the warrants that were
not initially registered under the Securities Exchange Act of 1934
but sold to certain investors in connection with a private
placement entered and closed concurrently with the registered
direct offering closed on April 18,
2017. Pursuant to the Securities Purchase Agreement (the
"Agreement") between the Company and certain investors as disclosed
in the Form 8-K as filed by the Company with the SEC on
April 13, 2017, the Company was
required to file a registration statement with the SEC on Form
S-1 within 45 calendar days after the date of the Agreement to
register the warrants and the underlying shares.
The Company is not selling any shares of its common stock via
this S-1 registration statement and will not receive any proceeds
from the resale of the shares in the S-1 registration statement.
However, upon a cash exercise of the warrants by the selling
stockholders, the Company will receive a per share exercise price
of $5.20, before any adjustments as
set forth in the warrants. If the warrants are exercised in a
cashless exercise, the Company will not receive any proceeds from
the exercise of the warrants. The closing price of the Company's
common stock on the Nasdaq Global Market on May 25, 2017, was
$2.71 per share.
In the S-1 registration statement, the Company is also
registering 665,200 shares of common stock owned by SkyPeople
International Holdings Group Limited, pursuant to a Share Purchase
Agreement between the Company and SkyPeople International Holdings
Group Limited ("SPI"), which was filed with the SEC on Form 8-K on
October 16, 2015. SPI holds
45.2% of the equity of the Company and Mr. Yongke Xue, a member of the board of directors
of the Company and Mr. Hongke Xue, Chairman and Chief Executive
Officer of the Company, indirectly and beneficially own 80.0% and
9.4%, respectively, of the equity of SPI.
For further information, please reference the Company's filings
with the Securities and Exchange Commission at www.SEC.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, and these securities cannot be
sold in any state in which this offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 99.78% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)"). SkyPeople (China), together with its operating
subsidiaries in China, is engaged
in the production and sales of fruit juice concentrates, fruit
beverages, and other fruit related products in the PRC and overseas
markets. Its fruit juice concentrates are sold to domestic
customers and exported directly or via distributors. Fruit juice
concentrates are used as a basic ingredient component in the food
industry. Its brands, "Hedetang" and "SkyPeople," which are
registered trademarks in the PRC, are positioned as high quality,
healthy and nutritious end-use juice beverages. For more
information, please visit http://www.skypeoplefruitjuice.com.
For more information, please contact:
COMPANY
Cindy Liu,
Investor Relations Manager
SkyPeople Fruit Juice, Inc.
Tel: China + 86 - 29-8837-7161
Email: skypeople_annie@163.com
Web: http://www.skypeoplefruitjuice.com
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SOURCE SkyPeople Fruit Juice, Inc.