Summary by Futu AI
ESGL Holdings Limited, a foreign private issuer, reported on a private placement transaction in a Form 6-K filed with the U.S. Securities and Exchange Commission for March 2024. The company entered into a Share Purchase Agreement on March 27, 2024, with an accredited investor to issue up to 10 million ordinary shares at $0.25 each. The initial closing saw the investor purchase 2 million shares for $500,000 on March 28, 2024. A second closing is scheduled by April 2, 2024, for the purchase of 6 million shares at $1.5 million, with a potential third closing for an additional 2 million shares at $500,000, subject to mutual agreement. The proceeds are earmarked with 85% for working capital and general corporate purposes, and 15% for outstanding professional fees. The offering is made under an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. ESGL Holdings has committed to filing a resale registration statement for the shares issued and to maintain its effectiveness for the resale of these shares by the investor.