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Cordlife directors file court application against company to cancel private placement

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Pending a hearing on the application, an interim injunction was granted by the High Court on April 19.

SINGAPORE – A group of Cordlife directors has filed an injunction application before the High Court of Singapore to restrain the company from issuing new shares.

The claimants comprise controlling shareholder Nanjing Xinjiekou Department Store and non-independent non-executive directors Zhai Lingyun and Chen Xiaoling. The troubled cord blood bank announced on April 17 a proposal to raise $8.2 million by issuing some 51.2 million new ordinary shares at 16 cents apiece.

 

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