Cordlife’s substantial shareholder, Robust Plan, has ceased to become a substantial shareholder in the company after it sold 4.6 million shares in an off-market transaction.
According to a filing on Jan 25, Robust Plan, which is wholly-owned by Shanghai Dunheng Capital Management, sold its shares for a total consideration of $1.49 million or 32.4 cents per share.
The sale took place via an off-market transaction.
Following the sale, Robust Plan, which formerly held a 5.47% stake in Cordlife, now owns a 3.67% stake in the latter.
Cordlife, on Jan 23, announced that the Ministry of Health (MOH) found several process lapses at the company. These includes the company’s temperature monitoring system failing to send notifications of the temperature excursions in certain tanks to Cordlife’s personnel between February and June 2022 as well as the failure to carry out Cordlife’s six-month preventative maintenance for two tanks in 2022.
Shares in Cordlife closed flat at 30.5 cents on Jan 26.
