Yimutian Inc. announced the resignation of independent director Junchen Sun effective March 17, 2026, for personal reasons, and provided an update on its financing plan, confirming the US$30.0 million convertible notes facility with US$3.37 million initial closing in December 2025 while deciding not to proceed with a proposed follow-on public offering.
Key takeaways
Independent director Junchen Sun resigned effective March 17, 2026, due to personal reasons.
Board's Nominating and Corporate Governance Committee to oversee replacement process.
Private placement of up to US$30.0 million senior convertible promissory notes remains in effect.
Initial closing of US$3.37 million Convertible Notes completed December 2025.
Will not proceed with Form F-1 follow-on public offering filed February 23, 2026; intends to withdraw registration.
Separate resale Form F-1 filed March 2, 2026, remains effective.