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LONDON, UK / ACCESSWIRE / August 23, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for ChromaDex Corp. (NASDAQ: CDXC), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CDXC. The Company announced on August 21, 2017, that it has completed the $25 Million Strategic Investment after receiving the third and final installment of $5.1 million. The Company's Board approved the third and final installment of the Strategic Investment at a special meeting held on August 10, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The strategic investment is led by Mr. Li Ka-shing, a Hong Kong based businessman. The strategic investment is the result of the securities purchase agreement signed between Mr. Ka-shing and ChromaDex and started in April 2017.
Details and History of Strategic Investment
On April 27, 2017, ChromaDex and Mr. Li Ka-shing entered into a securities purchase agreement wherein ChromaDex agreed to sell up to $25 million of its common stock to Mr. Ka-shing via a private placement. As per the agreement, Mr. Ka-shing made an initial investment of $3.5 million through his Hong Kong based venture capital firm Horizons Ventures. Mr. Ka-shing has invested in many other Companies through Horizons Ventures like Facebook, Spotify, DeepMind, Siri, Impossible Foods, and Modern Meadow. The investment was made to power ChromaDex's future developments and growth internationally.
On May 25, 2017 Mr. Ka-shing invested $16.4 million as the second installment of the strategic investment in ChromaDex. The last and final installment was the current one.
The shares of common stock sold by Companies via private placement are not registered under the Securities Act of 1933 and cannot be sold in US unless an effective registration statement or an applicable exemption from the registration is sought by the Company as per the provisions of the Act. ChromaDex has complied to these provisions and entered into a registration rights agreement with the investors and filed the Form 8-K with the completed details of the transaction.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), was the exclusive placement agent in the private placement.
Addition of New Directors to the Company's Board
Following the completion of the investment, two additional directors were appointed to the Company's Board. The two members are Mr. Tony Lau, who was nominated by Champion River Ventures Limited, and Ms. Wendy Yu, who was nominated by Pioneer Step Holdings Limited. ChromaDex's Board accepted the nominations and both were appointed to the Company's Board as directors effective August 18, 2017. Mr. Lau has been associated with Horizons Ventures since 2014 and has been leading their consumer and retail segment. Ms. Yu has been associated with Horizons Digital Group since July 2012 is their Chief Digital Officer. She has been heading the overseas marketing and communications functions and is helping Horizons Ventures and its portfolio Companies to expand in the Asian markets.
About ChromaDex Corp.
Irvine, California based ChromaDex leverages its complementary business units to discover, acquire, develop, and commercialize patented and proprietary ingredient technologies that address the dietary supplement, food, beverage, skin care and pharmaceutical markets. In addition to their ingredient technologies unit, the Company's other business units include units focused on natural product fine chemicals, chemistry and analytical testing services, and product regulatory and safety consulting. The Company has collaborated with leading universities and research institutions and has been able to discover and license early stage, IP-backed ingredient technologies. The Company utilizes its in-house chemistry, regulatory and safety consulting business units to develop commercially viable ingredients. The Company's product portfolio of patented ingredient technologies includes NIAGEN® nicotinamide riboside, pTeroPure® pterostilbene, PURENERGY®, a caffeine-pTeroPure® co-crystal, IMMULINA™, a spirulina extract, and AnthOrigin™, anthocyanins derived from a domestically-produced, water-extracted purple corn.
Last Close Stock Review
ChromaDex's share price finished yesterday's trading session at $3.39, climbing 6.60%. A total volume of 318.16 thousand shares have exchanged hands, which was higher than the 3-month average volume of 288.54 thousand shares. The Company's stock price rallied 6.94% in the last three months and 21.07% in the past six months. The stock currently has a market cap of $160.11 million.
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