ChinaNet Online Holdings Completes Private Placement and Share Issuance
October 28 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 second 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. Pursuant to the
Securities Purchase Agreement, the Company totally issued 3,216,860
shares of its common stock in consideration for approximately $4.8
million. 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.
“The completion of the private placement from
our strategic investors marks a major milestone in our efforts to
unlock ChinaNet’s future growth potential,” commented Mr. Handong
Cheng, Chairman, President, and Chief Executive Officer of
ChinaNet. “As we continue to work towards expanding our business
both at home and abroad, the integration of our strategic
investors’ commercial and technological resources will help to fuel
our growth engine. Additionally, our strengthened capital position
will bolster our ability to weather current macro headwinds and
enable us to prudently invest in the development of new revenue
streams outside of the domestic market. Going forward, we are
confident that the combination of our strategic partners’ resources
and experience as a leading online advertising and data-analysis
service provider will position us well to seize the tremendous
growth opportunities both in China and on a global scale.”
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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