IsZo Capital Provides Update Regarding Status of Lawsuit to Invalidate Nam Tai’s Dilutive Private Placement

NEW YORK--(BUSINESS WIRE)--IsZo Capital Management LP (together with its affiliates, “IsZo”), which beneficially owns approximately 11% of the outstanding shares1 of Nam Tai Property Inc. (NYSE:NTP) (“Nam Tai” or the “Company”), today provided an update regarding its lawsuit in the Eastern Caribbean Supreme Court against Nam Tai, Kaisa Group Holdings Limited’s (HKG:1638) wholly-owned subsidiary Greater Sail Limited (“Kaisa-Greater Sail”) and West Ridge Investment Company Limited (“West Ridge”). In October 2020, IsZo filed a lawsuit against Nam Tai after the Company announced a $170 million private placement that distributed more than 16 million common shares to Kaisa-Greater Sail, taking its ownership from 23.9% to 43.9% of the outstanding shares, and more than 2.6 million common shares to West Ridge. The lawsuit contends that Kaisa allies currently in control of Nam Tai initiated the dilutive transaction in response to IsZo obtaining requisite support to convene a meeting of shareholders (the “Special Meeting”), whereat investors could vote to reconstitute the Company’s Board of Directors.