Singapore-based LNG9 has agreed to bid on the acquisition of all issued ordinary shares and ADRs of LNGL in an off-market takeover offer of $0.13 per share in cash. The directors of LNGL will unanimously recommend that shareholders approve the transaction which values the company at approximately $75 million. 90% of shareholders must approve the deal and will receive a bidders statement in March or April of 2020.
First Wall Street Capital has agreed to provide bridge financing in the form of a non-revocable senior secured convertible note, and CIBC Capital Markets served as a financial advisor to LNGL. After First Wall Street Capital denied a bridge loan to LNGL, LNG9 withdrew their bid in April 2020.