Red phase INC.: Controlling shareholder Yang Baotian pledged 11 million shares

Red Phase INC. announced that the company's controlling shareholder, Mr. Yang Baotian, pledged 11 million shares, accounting for 18.40% of his holdings and 2.16% of the company's total share capital. The pledged shares are to provide collateral for the bank credit of Xiamen Hongli New Materials Co., Ltd. As of the announcement date, Mr. Yang Baotian has cumulatively pledged 11 million shares, accounting for 18.40% of his holdings and 2.16% of the company's total share capital. The company stated that the risk of the aforementioned pledge is within a controllable range and will not have a significant adverse impact on the company's production and operation, corporate governance, etc