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Why is Pingtan Marine Enterprise Ltd. (PME) stock going down today?

Pingtan Marine Enterprise Ltd. (PME) has seen a decrease of 3.70% in the premarket. However, the last trading session closed at $0.675 with a decrease of 6.25%.

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Registered Direct Offering

On 9th March 2021, PME reported that it has completed its previously announced registered direct offering of 3,625,954 ordinary shares at $1.31 each, as well as 2,719,464 five-year rights to acquire ordinary shares at $1.31 each. The offering’s sole placement agent was Spartan Capital Securities, LLC.

The net proceeds from this offering will be used for operating capital, general business purposes, and transaction charges, according to Pingtan. As part of its expansion plan, Pingtan may utilize a portion of the net proceeds from the offering to fund acquisitions of, or investments in, competitive and complementary businesses, goods, or services.

$4,750,000 Registered Direct Offering of Ordinary Shares and Warrants

On 4th March 2021, PME announced that the company committed to selling 3,625,954 ordinary shares at $1.31 each, as well as 2,719,464 five-year rights to acquire ordinary shares at $1.31 each. Pingtan is projected to receive around $4.2 million in net proceeds from the transaction. Subject to normal closing conditions, the offering is scheduled to conclude on or around March 8, 2021.

Moreover, the net proceeds from this offering will be used for working capital, general business purposes, and transaction costs. Lastly, PME may utilize a portion of the net proceeds from the offering to fund acquisitions of, or investments in, competing and complementary businesses, goods, or services.

Live Broadcast E-Commerce

PME announced that it has signed a Cooperation Agreement for strategic cooperation in the field of live broadcast e-commerce on 4th February 2021. This is done to jointly build a pelagic aquatic live broadcast brand. Moreover, the three parties will collaborate to develop the details of pelagic marine live broadcast business collaboration, including product standards, pricing methods, and brand operations, among other things. In recent years, China has seen fast growth in live broadcast e-commerce and multi-channel networks (MCNs).

The commercial concept for live broadcast e-commerce has been extensively established, particularly following the COVID-19 epidemic. Furthermore, China’s live broadcast e-commerce gross merchandise value (GMV) is expected to surpass RMB 1.2 trillion (US$185 billion) in 2021. In China, Scienjoy is a top provider of live video streaming broadcasts. Scienjoy, in addition to maintaining its own live-streaming platforms, provides technological infrastructure that allows live broadcast firms, internet users, and viewers to connect with one another. Last but not least, Liyumen also has extensive live broadcast e-commerce expertise, as well as MCN anchor training.

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