Caravelle announces $6.8M private placement

Caravelle International Group announced that it has entered into a securities purchase agreement with two institutional investors on January 5 to issue and sell $1.5M of securities as an advance payment for the initial tranche of $3.3M in a private placement of up to $6.8M which closed on January 10. The remaining $1.8M of the initial tranche shall be paid to the company upon satisfaction of certain post-closing conditions as set forth in the securities purchase agreement. Maxim Group acted as the sole placement agent for the private placement.