NISN - Nisun +8% on capital allocation updates

Nisun International Enterprise (NASDAQ:NISN) has announced updates on its use of proceeds from its Dec. 2021 underwritten public offering of ~$77M. The Co. has invested ~$32M of the net proceeds into its two subsidiaries, NiSun Ocean Supply Chain Investment and Zhumadian NiSun Supply Chain Management for general corporate purposes and repaid ~$1M of related party debt. Nisun Ocean has received investments of ~$25M and has used ~$3M primarily in electronics purchases under its strategic cooperation with Shanghai Bailian Group. Also, received ~$7M investments, nearly all of which has been used to purchase household products from a major online retailer in China for Nisun ZMD's strategic cooperation with Beijing Zhiyuan Zhonglian Industrial Co. "The Company will continue to leverage its advantages and utilize its capital proceeds to invest and improve the supply chain dynamic while expanding scale." said Mr. Xiaoyun Huang, Chairman and CEO.

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Nisun +8% on capital allocation updates