China SXT Pharmaceuticals Inc (NASDAQ: SXTC) is screaming for the top in the market this morning. However, with no press releases out, there are plenty of investors wondering what’s going on. The gains seem to be the result of a recent SEC filing. Here’s the scoop:
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SXTC Stock Rockets On SEC Filing
As mentioned above, China SXT Pharmaceuticals hasn’t issued any press releases. However, an SEC filing seems to be creating quite a bit of excitement.
In the filing, SXTC said that it has entered into a securities purchase agreement with Mr. Xing Yuan. The agreement surrounds the sale of 12 million shares at a per share price of $0.60. The transaction will bring $7.2 million into the company at an incredible premium.
In the filing, the company said that it has also entered into a voting agreement with Mr. Feng Zhou, who owns 8.5 million shares of the company, representing 13.68% voting power. According to the agreement, Mr. Yuan has irrevocably granted his power of attorney to Mr. Zhou, for the maximum time period permitted by law.
Finally, SXTC said that Mr. Tulin Lu resigned from his position as a director on November 24, 2020 for personal reasons. As a result, Mr. Yuan has been appointed to the company’s Board to fill the vacancy. The resignation of Mr. Lu and appointment of Mr. Yuan will take place upon the closing of the agreement.
Moreover, should Mr. Yuan hold less than 1.2 million ordinary shares at any given time, he will be dismissed from the Board of Directors.
Finally, SXTC said that it has made full payment of the forbearance redemption amounts in accordance with the Forbearance Agreements entered into with two investors on December 16, 2019 and March 4, 2020.
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This Is Exciting News
While China SXT Pharmaceuticals didn’t issue any press releases, the compay’s SEC filing did the trick. Ultimately, we’re going to see a change in the Board of Directors after a large investor has stepped in and taken a massive interest in the company at a premium. That’s exciting no matter how you slice it, making SXTC a stock that’s well worth watching.
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