Yimutian withdraws planned public offering, maintains convertible notes

Yimutian Inc. (NASDAQ: YMT) announced it will not proceed with a proposed follow-on public offering and plans to withdraw its registration statement filed with the U.S. Securities and Exchange Commission on February 23, 2026.

The Beijing-based agricultural platform company cited current market conditions, its capital structure and expected financing costs as factors in the decision. No securities were sold under the withdrawn registration statement.

The company maintains its existing private placement arrangement of up to $30 million in senior convertible promissory notes with an institutional investor. Yimutian completed an initial closing of $3.37 million in December 2025 and expects additional closings under the facility, subject to customary conditions.

A separate resale registration statement filed March 2, 2026 and declared effective March 5, 2026 for shares issuable upon conversion of the convertible notes remains unaffected by the withdrawal.

"The Company believes that maintaining flexibility under its existing private financing arrangement, while discontinuing the proposed public offering at this time, is the more prudent course in light of prevailing market conditions," according to the company's statement.

Yimutian operates an agricultural business-to-business platform in mainland China focused on digitalizing the country's agricultural product supply chain infrastructure.

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