"The change of our legal name is the next step in the Yunhong CTI evolution and will make our branding consistent across all audiences as we continue to execute on our strategic plan to create a leaner, more focused and profitable operation," said Frank Cesario, President and CEO of Yunhong CTI Ltd. Yunhong CTI Ltd. is one of the leading manufacturers and marketers of foil balloons and produces laminated and printed films for commercial uses.
The net proceeds will be used by the Company for working capital. On January 3, 2020, Yunhong CTI Ltd. (formerly known as CTI Industries Corporation, the "Company") entered into an agreement to sell up to $5 million of convertible preferred stock to a new strategic investor, LF International Pte. Ltd., ("LF") a Singapore private limited company which is controlled by Mr. Yubao Li.
In conjunction with this investment, CTI intends to execute an amendment with its bank to modify its credit facility and has submitted its first plan to regain compliance with continued listing standards to Nasdaq. On January 3, 2020, CTI entered into an agreement to sell up to $5 million of convertible preferred stock to a new strategic investor. The most notable conditions are a change in the Company's name from CTI Industries Corporation to Yunhong CTI Ltd., as well as shareholder approval of the transaction.
Companies In The News Are: APOP, APA, MCHP, CTIB
On January 3, 2020, the Company disclosed that it had entered into a stock purchase agreement ("The Purchase Agreement"), with LF International Pte. Ltd., a Singapore private limited company (the "Investor"), for a strategic investment, which the Company expects to resolve the over advance circumstance with its primary lender and provide a confident first step in reconstructing a healthy capital structure. This initial closing is part of a larger Offering of 500,000 shares of the Company's newly created Series A Convertible Preferred Stock, no par value per share ("Series A Preferred"), with each share of Series A Preferred initially convertible into ten shares of the Company's common stock, at a purchase price of $10.00 per share, for aggregate gross proceeds of $5,000,000 (the "Offering").
LAKE BARRINGTON, IL / ACCESSWIRE / JANUARY 22, 2019 / CTI Industries Corporation (NASDAQ:CTIB ) ("CTI" or the "Company"), a leading manufacturer of custom film products, foil and latex ...
During December 2019, Mr. Hyland, who has been President of the Company since December 2017 and Chief Executive Officer since December 2018, resigned from those positions, and as a Director, for personal reasons.
The Covid-19 pandemic has resulted in increased use of gloves and masks, giving the Personal Protective Equipment (PPE) industry a strong boost Continue reading...
Lake Barrington, Illinois--(Newsfile Corp. - December 11, 2019) - CTI Industries Corporation (NASDAQ: CTIB) ("CTI" or the "Company") today announced that the Company has entered into a non-binding letter of intent to sell the capital stock of its Mexican subsidiary, Flexo Universal S.A. de R.L de C.V. ("Flexo"), to investors including management of Flexo.The transaction is subject to the approval of the Company's lender and other financing contingencies. Sale proceeds would be used primarily ...