CORRECTION - ZW Data Action Technologies Inc. Announces Pricing of $18.7 Million Registered Direct Offering Priced at the Mar...
February 16 2021 - 6:11PM
This press release corrects a prior version that was issued by ZW
Data Action Technologies Inc. on February 16, 2021 to correct an
error regarding the timing for exercise of certain
warrants. The corrected release follows:
ZW Data Action Technologies Inc.(NASDAQ:CNET) ("ZW
Data" or the "Company"), an integrated online advertising,
precision marketing and data analytics and other value-added
services company, today announced that it has entered into a
securities purchase agreement with several institutional investors
for a registered direct placement of approximately $18.7 million of
shares of common stock of the Company at a price of $3.59 per
share. The price was set at market price in accordance with the
rules of Nasdaq. The Company will issue a total of 5,212,000 shares
of common stock to the institutional investors. The Company also
completed a concurrent private placement of warrants to purchase
shares of common stock to the same institutional
investors. The warrants are to purchase up to 2,606,000 shares
at an exercise price of $3.59 and have a term of three and one-half
years.
The net proceeds from this offering are expected to be
approximately $17.1 million and will be used for general working
capital purposes. If the warrants are exercised in full, the
Company will receive additional proceeds of approximately $9.4
million. The completion of the placement is expected to occur on or
about February 18, 2021, subject to the satisfaction of customary
closing conditions.
FT Global Capital, Inc. acted as the exclusive placement agent
in connection with the offering.
The Company's Common Stock are being offered by in a registered
direct offering pursuant to a "shelf" registration statement on
Form S-3 (File No. 333-228061) previously filed with the Securities
and Exchange Commission (the "SEC") declared effective by the SEC
on August 3, 2020. The Securities may be offered only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. Once filed with the SEC,
copies of the prospectus supplement and accompanying prospectus
relating to the registered direct offering may be obtained, when
available, on the SEC's website at http://www.sec.gov or by
contacting the Company at Room 1106, Xinghuo Keji Plaza, No. 2
Fengfu Road, Fengtai District, Beijing, PRC 100070, or telephone at
+86-10-60846616. The Company’s warrants and the shares of common
stock that may be purchased upon exercise are not being offered
pursuant to this prospectus supplement or the accompanying base
prospectus and are being offered pursuant to an exemption provided
in Section 4(a)(2) of the Securities Act and Rule 506(b).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
For further details of this transaction, please see the Form 8-K
to be filed with the SEC.
About ZW Data Action Technologies Inc.
Established in 2003 and headquartered in Beijing, China, ZW Data
Action Technologies Inc. (the “Company”) offers online advertising,
precision marketing, data analytics and other value-added services
for enterprise clients. Leveraging its fully integrated services
platform, proprietary database, and cutting-edge algorithms, ZW
Data Action Technologies delivers customized, result-driven
business solutions for small and medium-sized enterprise clients in
China. The Company also develops blockchain and artificial
intelligence enabled web/mobile applications and software solutions
for general public, enterprise clients, and government agencies.
More information about the Company can be found at:
http://www.zdat.com/.
Safe Harbor
This release contains certain "forward-looking statements"
relating to the business of ZW Data Action Technologies 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 ZW Data Action Technologies
current expectations and beliefs concerning future developments and
their potential effects on the Company. There can be no assurance
that future developments affecting ZW Data Action Technologies will
be those anticipated by ZW Data Action Technologies. 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. ZW Data Action Technologies 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.
For more information please contact:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Apr 2024 to May 2024
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From May 2023 to May 2024