ChinaNet Online Holdings, Inc. Announces Results for Its Warrants Exchange Offer
January 06 2012 - 4:00PM
ChinaNet Online Holdings, Inc. (Nasdaq:CNET) (the "Company"), a
leading full-service media development, advertising and
communications company for small and medium-sized enterprises in
the People's Republic of China, announced today the final results
of its exchange offer (the "Offer"), pursuant to which holders of
all 4,121,600 of the Company's outstanding warrants (the
"Warrants") had the opportunity to acquire the Company's shares of
common stock (the "Shares") through a warrant for share exchange in
accordance with the following exchange ratios: (A) with respect to
any Series A-1 Warrant, one (1) Share in exchange for every twenty
(20) Shares for which such Series A-1 Warrant is exercisable, and
(B) with respect to any Series A-2 Warrant, one (1) Share in
exchange for every 10 (ten) Shares for which such Series A-2
Warrant is exercisable; provided that each holder must have
exchanged all its Series A-1 Warrants and/or all its Series A-2
Warrants pursuant to the terms and conditions thereof.
The Offer expired on Friday, December 30, 2011 at 5:00 p.m.,
Eastern Time. Warrants exercisable for 4,121,600 Shares
were eligible to be exchanged.
Based on the final count by the depositary for the Offer,
1,418,800 Series A-1 Warrants were tendered in exchange for
approximately 70,940 Shares and 356,800 Series A-2 Warrants were
tendered in exchange for approximately 35,680 Shares, for a total
of 1,775,600 Warrants (approximately 43% of the outstanding
Warrants) exchanged for approximately 106,620
Shares. Following the completion of the Offer, the Company has
approximately 22,146,540 Shares outstanding, 642,000 Series A-1
Warrants outstanding exercisable for one Share at an exercise price
of $3.00 and 1,704,000 Series A-2 Warrants outstanding exercisable
for one Share at an exercise price of $3.75. The depositary for the
Offer expects to deliver the Shares to be issued in exchange for
tendered Warrants on or about January 11, 2012.
All of the terms of the Warrants remain in effect. The
Series A-1 Warrants will expire on August 20, 2012 and the Series
A-2 Warrants will expire on August 20, 2014.
This news release is merely a notification of the results of the
Offer and is neither an offer to buy or exchange securities and
does not constitute the solicitation of an offer to sell or
exchange any securities in the Company or any of its
subsidiaries. The Offer was made upon the terms and subject to
the conditions set forth in the Offer Letter dated December 1,
2011, as supplemented on December 7, 2011, and this release should
be read in conjunction with those documents.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), is a leading B2B
(business to business) Internet technology company focusing on
providing O2O (online to offline) sales channel expansion service
for small and medium-sized enterprises (SMEs) and entrepreneurial
management and networking service for entrepreneurs in China. The
Company, through certain contractual arrangements with operating
companies in the PRC, provides Internet advertising and other
services for Chinese SMEs via its portal websites, 28.com,
Liansuo.com and Chuangye.com, TV commercials and program production
via China-Net TV, and in-house LCD advertising on banking kiosks
targeting Chinese banking patrons. Website:
http://www.chinanet-online.com .
Safe Harbor
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.
CONTACT: MZ North America
Ted Haberfield, Managing Director
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: www.mz-ir.com
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