Cordlife Directors Seek Court Intervention to Halt Private Placement

A group of directors from Cordlife has initiated legal action by filing an injunction application with the High Court of Singapore to prevent the company from proceeding with its plan to issue new shares.

In response to this application, an interim injunction has been granted by the High Court on Friday (Apr 19), temporarily halting the issuance of new shares.

Cordlife had recently announced its intention to raise S$8.2 million through a private placement, involving the issuance of approximately 51.2 million new ordinary shares at S$0.16 each.

The private placement agreements involve Charming Global Enterprises (CGE) and Darren Ng, a high-net-worth individual in Singapore, subscribing for a total of 51.2 million shares, with CGE investing S$7.1 million for 44.5 million shares, and Ng purchasing 6.7 million shares for S$1.1 million.