High-Trend International Group (HTCO) said Tuesday its co-founder Dong Zhang has signed a securities purchase deal to buy roughly 1.7 million of the company's class A ordinary shares for about $4.5 million, or $2.62 apiece.
The proceeds will be used for general working capital purposes, the shipping company said, adding that the acquired shares will be subject to a 36-month lock-up period.
Zhang signed the agreement through his company, Speed Wealthy, according to High-Trend.
High-Trend's stock was down 7% in recent Tuesday trading.
Price: 1.93, Change: -0.15, Percent Change: -7.00
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