Inno Holdings Inc. Announces Agreement with Investors to Sell 500,000 Shares at $4.00 per Share

Inno Holdings Inc. (NASDAQ: INHD) announced on October 31, 2024, that the company has entered into a securities purchase agreement (the “Purchase Agreement”) with a group of investors for the sale and issuance of 500,000 shares of the company’s common stock. The shares, which are of no par value, are being sold at a price of $4.00 per share, resulting in an aggregate purchase price of $2,000,000. The closing of this transaction is scheduled to occur on or before November 6, 2024.

The shares were issued under the Purchase Agreement without being registered under the Securities Act of 1933. This transaction was made possible by relying on the exemption from registration requirements provided by Section 4(a)(2) of the Securities Act or Regulation S. Inno Holdings Inc. also entered into a Registration Rights Agreement on the same day with the investors involved in the Purchase Agreement. This agreement requires the company to file a registration statement with the Securities and Exchange Commission (SEC) for the resale of the shares of Common Stock no later than December 31, 2024.

Moreover, it was disclosed that the Purchase Agreement includes customary representations, warranties, and covenants related to the transaction. These clauses do not provide additional factual information about the company but are specific to the agreements and dates mentioned therein.

In another development, on October 25, 2024, Inno Holdings Inc. received a Compliance Notice from the Nasdaq Office of General Counsel stating that the Company has met the bid price requirement set by Nasdaq Listing Rule 5550(a)(2). This rule mandates that companies listed on the Nasdaq Capital Market maintain a minimum bid price of $1.00 per share.

Previously, the Company had planned to appeal Nasdaq’s determination to a hearings panel, but it was recently communicated that the hearing scheduled for December 12, 2024, has been canceled as the compliance requirement has been fulfilled. As a result, Inno Holdings Inc. has achieved compliance with the Minimum Bid Price Requirement, and the matter has been resolved.

The financial and legal aspects of this report are complemented by two attached exhibits: Exhibit 10.1 (Form of Securities Purchase Agreement) and Exhibit 10.2 (Form of Registration Rights Agreement). These exhibits are crucial in understanding the detailed terms and conditions of the agreements made by Inno Holdings Inc.

For more information, investors are encouraged to refer to the complete texts of the Purchase Agreement and Registration Rights Agreement included as Exhibits 10.1 and 10.2, respectively, in the original filing made to the Securities and Exchange Commission (SEC).

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inno’s 8K filing here.

Inno Company Profile

Inno Holdings Inc manufactures and sells cold-formed-steel members, castor cubes, mobile factories, and prefabricated homes in the United States. The company provides cold-formed steel framing and a mobile factory for off-site equipment rental, sales, service, and support. It serves in residential, commercial, industrial, and infrastructure projects.