Draft:Caravelle International Group

Caravelle International Group (Nasdaq: CACO), formerly a bulk shipping company based in Singapore, has transitioned into a marine transportation technology company.

Operating routes to 50 countries and servicing over 100 ports annually, the company boasts a substantial shipping capacity exceeding 6 million tons per year.

The company operates in two key sectors: its traditional international shipping operations, managed by the Topsheen Companies. And its Co-tech business is operated under Singapore Garden Technology Pte. Ltd.

Its innovative wood drying service utilizes patented CO-Tech technology, leveraging heat from ship exhaust to dry wood during transit, reducing costs and carbon emissions. This service has the potential to make Caravelle the world's first carbon-neutral shipping company.

History
On December 19, 2022, Caravelle International Group finalized a merger agreement with a special purpose acquisition company (SPAC), Pacifico Acquisition, to transition into a publicly traded entity. The deal, valued at approximately $527 million, marked a significant milestone in the company's history.

On March 2, 2023, Caravelle International Group revealed a partnership with a U.S. corporation to manufacture wood products in Gabon, Africa, for export to the United States. The government of Gabon granted the partnership 165 acres of land for a lumber mill location.

On April 26, 2023, Caravelle International Group's CEO, Dr. Guohua Zhang, sold Penxing Gabon SARL to Caravelle for a nominal amount of $1. This transaction included the acquisition of sawmill and laminate wood flooring factories valued at $30 million.

On May 25, 2023, Caravelle International Group announced it has signed a supply agreement with South African company Best Polystyrene, valued at $25 million. Under the agreement, Caravelle will deliver 50,000 cubic meters of wood to South Africa.

At the 2024 Davos Forum in Switzerland, held from January 15th to 19th, Caravelle's Chairman and CEO, Dr. Guohua Zhang was invited by the World Economic Forum. Caravelle was also praised as a model of Sino-French cooperation.

Caravelle International Group announced on January 5, 2024, that it has entered into a securities purchase agreement with two institutional investors to issue and sell $1.5 million of securities. This serves as an advance payment for the initial tranche of a private placement of up to $6.8 million, which closed on January 10, 2024.

On March 4, 2024, Caravelle announced a significant milestone in innovation by launching its wood drying ship, a transformative project costing $2.8 million for renovation. The wood drying system is expected to be fully operational within the next three months.