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Share this article FUZHOU, China, Jan. 8, 2021 /PRNewswire/ Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ( Pingtan, or the Company ), a fishing company based in the People s Republic of China, announced today that it has sold $4.0 million of the Company s Series A Convertible Preferred Shares, par value $0.001 per share ( Series A Preferred Shares ), in a registered direct offering. The Company entered into a definitive purchase agreement for the purchase of an aggregate of 4,000,000 Series A Preferred Shares at an offering price of $1.00 per share and a stated value of $1.10 that are convertible into the Company s ordinary shares. Each Series A Preferred Share is convertible into the Company s ordinary shares at a conversion price equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower than $0.44, subject to certain adjustments.

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