ChromaDex Announces Strategic Investment Led by Mr. Li Ka-shing
GlobeNewswire•April 27, 2017
IRVINE, Calif., April 27, 2017 (GLOBE NEWSWIRE) -- ChromaDex Corp. (CDXC), an innovator of proprietary health, wellness and nutritional ingredients that creates science-based solutions for dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products, announced today that it has entered into a securities purchase agreement for the sale of up to $25 million of its common stock in a private placement led by Hong Kong business leader Mr. Li Ka-shing.
Through Horizons Ventures, Mr. Li has invested in many innovative companies in the last decade, including Facebook, Spotify, DeepMind, Siri, Impossible Foods and Modern Meadow. With Horizons Ventures’ strong global presence, the new investment will be able to support future ChromaDex developments in the global marketplace.
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, “NIAGEN® has reached an inflection point where top scientists at leading universities and research institutions are fascinated with the compound resulting in over 100 collaborative agreements currently in place. We are now ready to show the world the anti-aging capabilities of NIAGEN® and are truly honored to have Horizons Ventures as a strategic investor and be associated with their family of prestigious global investments.”
Tony Lau of Horizons Ventures commented, “We see the category of healthy aging as an emerging, high-growth opportunity. We look forward to supporting ChromaDex in developing products in the healthy aging market and expand the market overseas.”
Robert Fried, President, and Chief Strategy Officer of ChromaDex, added, “Mr. Li Ka-shing and Horizons Ventures have an extraordinary track record in identifying momentous innovation. This is an important milestone for ChromaDex in our mission to be a world leader in the anti-aging space, with emphasis on NIAGEN® and NAD precursors.”
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), is acting as exclusive placement agent in the private placement.
The shares of common stock being sold in the private placement will not have been registered under the Securities Act of 1933, as amended (the “Act”). Accordingly, such shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements under the Act. In connection with the private placement, ChromaDex will enter into a registration rights agreement with the investors. Additional details about the transaction are included in a Form 8-K filed by ChromaDex concurrently with this release.
