ChinaNet Online Holdings, Inc. Announces Entry into Agreements for Registered Direct Placement of $11 Million of Common Stock...
January 12 2018 - 09:25AM
ChinaNet Online Holdings, Inc. (NASDAQ:CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing
and data-analysis and management services platform, today
announced that it has entered into a securities purchase agreement
with three institutional investors for a registered direct
placement of approximately $11 million of shares of common stock of
the Company at a price of $5.15 per share. The Company will issue a
total of 2,150,001 shares of common stock to the institutional
investors. As part of the transaction, the Company will also issue
to the investors warrants to purchase up to 645,000 shares of
common stock at an exercise price of $6.60 per share, which
warrants will have a term of 30 months from the date of
issuance.
The net proceeds from this offering are expected to be
$10,296,005 and will be used for general working capital purposes.
If the warrants are exercised in full, the Company will receive
additional proceeds of approximately $4.3 million. The completion
of the placement is expected to occur on or about January 17, 2018,
subject to the satisfaction of customary closing conditions.
FT Global Capital, Inc. acted as the exclusive placement
agent in connection with the offering.
These securities are being offered through a prospectus
supplement pursuant to the Company's effective shelf registration
statement and base prospectus contained therein. A shelf
registration statement relating to these securities has been filed
with and declared effective by the Securities and Exchange
Commission (the "SEC"). A prospectus supplement related to the
offering will be filed with the SEC.
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 ChinaNet Online Holdings, Inc. ChinaNet
Online Holdings, 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 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.
For more information please contact:
MZ North America Ted Haberfield, President
Direct: +1-760-755-2716 Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
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