ChinaNet Online Holdings Completes First Half of Private Placement and Share Issuance
September 25 2019 - 7:30AM
ChinaNet-Online Holdings, Inc. (Nasdaq:
CNET)
("ChinaNet" or the "Company"), an integrated online advertising,
precision marketing, and data analysis and management platform
company, today announced the closing of the first half of a private
placement with a select group of investors (the “Investors”) in
accordance with the Securities Purchase Agreement, originally
entered into by the Company and Investors on August 7, 2019.
In connection with the closing, the Company
issued 1,608,430 shares of common stock (the “Shares”) in
consideration for approximately $2.4 million, representing half of
the total $4.8 million worth of Shares to be disbursed under the
aforementioned Securities Purchase Agreement. The Company sold each
Share to Investors at $1.4927 per Share and conducted the private
placement pursuant to Section 4(2) of the Securities Act of 1933,
as amended, and Regulation S promulgated thereunder.
The descriptions of the Securities Purchase
Agreement contained in this announcement do not purport to be
complete and are qualified in their entirety by reference to the
complete text of the Securities Purchase Agreement. A copy of the
Securities Purchase Agreement has been filed with the U.S.
Securities and Exchange Commission.
About ChinaNet Online Holdings,
Inc.
ChinaNet Online Holdings, Inc., a parent company
of ChinaNet Online Media Group Ltd., incorporated in the BVI
(ChinaNet), is an integrated online advertising, precision
marketing and data-analysis and management services platform.
ChinaNet provides prescriptive analysis for its clients to improve
business outcomes and to create more efficient enterprises. The
Company leverages an optimization framework, provided by its
comprehensive data-analysis infrastructure, to blend data,
mathematical, and computational sciences into an outcome management
platform for which it monetizes on a per client basis. ChinaNet
uniquely optimizes and prescribes its clients decision making
processes based on its proprietary ecosystem. For more information,
visit www.chinanet-online.com.
Safe Harbor
Statement
This release contains certain "forward-looking
statements" relating to the business of ChinaNet Online Holdings,
Inc., which can be identified by the use of forward-looking
terminology such as "believes," "expects," "anticipates,"
"estimates" or similar expressions. Such forward-looking statements
involve known and unknown risks and uncertainties, including
business uncertainties relating to government regulation of our
industry, market demand, reliance on key personnel, future capital
requirements, competition in general and other factors that may
cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Certain of these risks and uncertainties are or will be described
in greater detail in our filings with the Securities and Exchange
Commission. These forward-looking statements are based on
ChinaNet's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting ChinaNet will be
those anticipated by ChinaNet. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the Company) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by such forward-looking statements. ChinaNet
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Investor Relations
Contact
ICR, Inc.Jack WangTel: +1-646-308-1635Email:
CNET@icrinc.com
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