ONTARIO, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) — Nature’s Miracle Holding, Inc. (NASDAQ: NMHI) (“Nature’s Miracle”), a growing agriculture technology company providing equipment and services to growers, announced that it entered into a Securities Purchase Agreement (“SPA”) with a single institutional investor (“Investor”) on January 10, 2025. The SPA allows Nature’s Miracle, subject to customary conditions, to sell up to $29.7 million in the aggregate of a newly-designated class of convertible preferred stock to the Investor.
The Investor agreed to provide Nature’s Miracle up to $29.7 million available in tranches. The initial tranche in the amount of $2,700,000 will be funded with $1,800,000 funded within one business day following Closing and the remaining $900,000 funded within one business day following the date on which the shares of common stock into which the shares of convertible preferred stock are convertible are registered for resale pursuant to an effective registration statement. Subsequent tranches of up to $27,000,000 may be funded in increments of up to $2,700,000 per tranche subject to certain conditions. The Investor will also receive certain warrants to purchase shares of common stock upon the funding of each tranche.
The funding of each subsequent tranche is not expected to occur earlier than 60 trading days after the funding of the prior tranche (except that the first subsequent tranche may be funded 30 trading days following the date on which the shares of common stock into which the shares of convertible preferred stock are convertible are registered for resale pursuant to an effective registration statement), in each case, subject to certain conditions including: (i) for each day of the Measurement Period, the average daily volume is greater than $500,000, (ii) for each day of the Measurement Period, the daily volume weighted average price of the Nature’s Miracle’s common stock is greater than $1.50, (iii) the aggregate stated value of the outstanding shares of convertible preferred stock held by the Investor is no greater than $1,000,000 (iv) the shares of common stock underlying the applicable shares of convertible preferred stock held by the Investor are registered pursuant to an effective registration statement, and (v) certain other conditions customary for a transaction of this nature. “Measurement Period” means the 20 trading days immediately preceding the applicable funding date.
For more information, please visit Nature’s Miracle website: https://www.nature-miracle.com/ or email Nature’s Miracle at: info@nature-miracle.com. For more information on the SPA, including important terms and conditions, please see Nature’s Miracle’s filings with the Securities and Exchange Commission, including its Current Reports on Form 8-K filed with the Securities and Exchange Commission from time to time.
This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities discussed herein, in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Nature’s Miracle Holding Inc.
Nature’s Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture (“CEA”) industry which also includes vertical farming in North America. Nature’s Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature’s Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. Nature’s Miracle has also developed a robust pipeline to build commercial-scale greenhouses in the U.S. and Canada to meet the growing needs of fresh and local vegetable products. Nature’s Miracle has established its first manufacturing footprint in North America with its grow-light assembly plant in Manitoba, Canada and is expected to set up additional manufacturing/assembly facilities in North America.