IsZo Capital Files Lawsuit Against Nam Tai and the Participants in the Company’s $170 Million Private Placement

NEW YORK--(BUSINESS WIRE)--IsZo Capital Management LP (together with its affiliates, “IsZo”), a significant long-term shareholder of Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”) with beneficial ownership of approximately 9.9% of the Company’s outstanding shares,1 today announced that it has taken legal action in the Eastern Caribbean Supreme Court (the “Court”) against Nam Tai, Kaisa Group Holdings Limited’s (together with its affiliates, “Kaisa”) (HKG: 1638) wholly-owned subsidiary Greater Sail Limited (“Kaisa-Greater Sail”) and West Ridge Investment Company Limited (“West Ridge”). IsZo’s action comes in response to Nam Tai’s October 5, 2020 announcement of a $170 million private placement that distributed more than 16 million common shares to Kaisa-Greater Sail and more than 2.6 million common shares to West Ridge, which equated to approximately 47.6% of the Company’s outstanding shares on a pre-issuance basis. The Court has granted IsZo’s request for an injunction designed to protect Nam Tai shareholders, which was promptly served on Nam Tai, Kaisa-Greater Sail and West Ridge. In addition, the Court has agreed to hold an initial hearing on Monday, October 19, 2020. In an effort to continue providing shareholders with transparency into our efforts at the Company and address many questions we have received following the announcement of the transaction, IsZo has posted its statement of claim here.