20Cube Logistics Solutions Ltd announced a private placement of a subordinated convertible note for $20,000,000 and has entered into a term sheet for an equity line funding of $75,000,000 for total proceeds of $95,000,000 on October 18, 2022. The transaction will include participation from affiliates and relationships of new investor Evolution Capital Management, LLC and Evo Acquisition Corp. for note financing and Evo Fund, a fund managed by Evolution Capital Management, LLC and certain affiliated for equity line financing.

The equity line financing will be received over a period of 36 months beginning from when the SEC declares the registration statement for the resale of such shares effective, subject to certain ownership, pricing and volume limitations and conditions, and subject in all respects to the negotiation between the respective parties. The transaction is expected to close in first quarter of 2023.