China Bat Group, Inc. Announces Pricing of Approximately $3.7 Million Registered Direct Offering
April 11 2019 - 2:47PM
China Bat Group, Inc. (the “Company”) (NASDAQ:GLG), an emerging
used luxurious car rental service provider headquartered in
Beijing, China, announced today it has entered into a securities
purchase agreement with certain accredited investors to purchase
approximately $3.7 million of its common stock in a registered
direct offering and warrants to purchase common stock in a
concurrent private placement.
Under the terms of the securities purchase
agreement, the Company has agreed to sell 1.68 million shares of
its common stock. In a concurrent private placement, the Company
has agreed to issue unregistered warrants to purchase up to
approximately 1.68 million shares of common stock. The warrants
will be exercisable immediately following the date of issuance and
have an exercise price of $2.2. The warrants will expire 5 years
from the earlier of the date on which the shares of common stock
issuable upon exercise of the warrants may be sold pursuant to an
effective registration statement or may be exercised on a cashless
basis and be immediately sold pursuant to Rule 144. The purchase
price for one share of common stock and a corresponding warrant
will be $2.2. The gross proceeds to the Company from the registered
direct offering and concurrent private placement are estimated to
be approximately $3.7 million before deducting the placement
agent’s fees and other estimated offering expenses. The registered
direct offering and concurrent private placement are expected to
close on or about April 15, 2019, subject to the satisfaction of
customary closing conditions.
Maxim Group LLC acted as sole placement agent
for the offering.
The common stock being sold pursuant to the
registered direct offering is being made pursuant to a shelf
registration statement on Form S-3 (File No. 333- 217473),
previously filed with the Securities and Exchange Commission (the
“SEC”) on April 26, 2017, as amended, and declared effective on
July 21, 2017. Such securities are being offered only by means of a
prospectus. A prospectus supplement and the accompanying prospectus
relating to and describing the terms of the registered direct
offering will be filed with the SEC. The warrants, along with the
underlying common stock have not been registered under the
Securities Act of 1933, as amended. When available, copies of the
prospectus supplement and the accompanying prospectus relating to
the registered direct offering may be obtained at the SEC’s website
www.sec.gov or by contacting Maxim Group LLC, 405 Lexington Avenue,
2nd Floor, New York, NY 10174, at 212-895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About China Bat Group,
Inc.China Bat Group, Inc. (GLG) is an emerging used
luxurious car rental service provider in China. The used luxurious
car business is conducted under the brand name “BatCar” by the
Company’s VIE entity, Tianxing Kunlun Technology Co. Ltd, from its
headquarters in Beijing. Utilizing a streamlined, digital,
transaction process, the Company endeavors to provide the best
possible rental experience for its customers. For more information
please visit https://www.imbatcar.com.
Forward Looking Statements
This announcement contains forward-looking
statements. Forward-looking statements provide our current
expectations or forecasts of future events. Forward-looking
statements include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements in this announcement include, but are not limited to,
statements regarding our disclosure concerning the Company's
operations, cash flows, financial position and dividend policy.
Contact InformationMs. Tina XiaoAscent Investor
Relations LLCEmail: tina.xiao@ascent-ir.com
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