The Purchaser has agreed to lock up the securities purchased in the Offering for a period of 6 months, and also agreed to transfer less than 20% of the securities purchased in the Offering for each 90-day period thereafter in an amount not exceeding more than 20% of the trading volume on the date such sale.
The Offering is expected to close on or about August 28, 2026, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes, including the expansion of its operations in the United States.
Sofico’s investment in the Offering, together with the private placement offering previously announced on August 25, 2026, brings the Company’s strategic investment round to approximately $14.5 million.