ChinaNet Online Holdings Enters Into a Material Definitive Agreement
August 12 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
that it entered into a Securities Purchase Agreement (the
“Securities Purchase Agreement”) with selected investors related to
the purchase and sale of the Company’s common stock on August 7,
2019.
Under the Securities Purchase Agreement, the
Company agreed to issue an aggregate of 3,216,860 shares of common
stock for US$4.8 million. Each Share will be sold to investors at
$1.4927 per Share. This private placement was conducted 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 does
not purport to be complete and is qualified in its entirety by
reference to the complete text of the Securities Purchase
Agreement. A copy of the Securities Purchase Agreement has been
filed to the U.S. Securities and Exchange Commission.
“The private placement from our strategic
investors will not only strengthen our capital position, but also
enable us to leverage our strategic investors’ commercial and
technological resources to accelerate the expansion of our company
both in China and on a global scale,” commented Mr. Handong Cheng,
Chairman, President, and Chief Executive Officer of ChinaNet. “In
addition, by expanding into international markets we will
effectively mitigate the current risks of macroeconomic
uncertainties in China. Going forward, as we continue to refine the
cost structure of our existing business, we are confident that the
integration of both parties’ resources will galvanize the growth of
our new business initiatives and promote future growth
opportunities."
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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