HQ Sustainable Maritime Industries Files SB-2 Registration
Aquaculture company HQ Sustainable Maritime Industries, filed an SB-2 registration statement for an offering of 4.2 million shares of the Company's common stock, adjusted for a 20-for-1 reverse split, at a price to be determined.
The move is to raise approximately $12 million to construct a new large-scale organic feed mill and a processing plant in Hainan Province, China; to repay the balance of the convertible secured promissory note outstanding, and the remaining proceeds to be used for general corporate purposes, including working capital.
HQ produces tilapia and marine bio and healthcare products addressing large markets in China. The processing plant for these products also produces tilapia feed additives.