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.
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SOURCE SkyPeople Fruit Juice, Inc.