Eshallgo Inc. announced on January 3, 2025, the successful completion of its convertible debenture offering, securing an aggregate principal amount of $5,000,000. The offering was structured in three closings, providing capital to the company.
The initial closing for $1,500,000 occurred on November 29, 2024, followed by a second closing for $2,000,000 on December 19, 2024. The final closing for $1,500,000 took place on December 30, 2024, after the registration statement for the resale of Class A ordinary shares upon conversion was declared effective by the SEC on December 27, 2024.
In connection with the offering, Eshallgo paid a $50,000 commitment fee, which was equal to 1% of the aggregate principal amount. The debentures bear an interest rate of 5% per annum, increasing to 18% in the event of default, and mature on November 28, 2025.
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