SHANGHAI, June 16,
2022 /PRNewswire/ -- Nisun International Enterprise
Development Group Co., Ltd ("Nisun" or the "Company") (Nasdaq:
NISN), a provider of innovative comprehensive solutions through an
integration of technology, industry, and finance, today announced
updates on its use of proceeds from its December 2021 underwritten public offering of
approximately $77 million of its
Class A common shares and pre-funded warrants to purchase Class A
common shares ("Offering").
Since the completion of the Offering, the Company has invested
approximately $32 million of the net
proceeds into its two subsidiaries, NiSun Ocean (Qingdao) Supply Chain Investment Co., Ltd.
("Nisun Ocean") and Zhumadian NiSun Supply Chain Management Co.,
Ltd. ("Nisun ZMD") for general corporate purposes, repaid
approximately $1 million of related
party debt, paid approximately $0.5
million in professional fees and held the remainder in its
accounts for potential business and operational opportunities. More
detailed allocations are as follows:
- Nisun Ocean has received investments of approximately
$25 million and has used
approximately $3 million primarily in
electronics purchases under its strategic cooperation with Shanghai
Bailian Group("Bailian"). Nisun facilitated merchandise purchases
from suppliers with payment terms desirable to Bailian who can
access working capital quickly and at a lower cost. Nisun Ocean
earned supply chain solution service fees when Bailian received
their financings. The balance of the investment remains in Nisun
Ocean for future operations.
- Nisun ZMD has received approximately $7
million investments, nearly all of which has been used to
purchase household products from a major online retailer in
China for Nisun ZMD's strategic
cooperation with Beijing Zhiyuan Zhonglian Industrial Co.,
Ltd ("Zhiyuan Zhonglian"). Zhiyuan Zhonglian also provided a
deposit of approximately $1.6 million
to secure its performance of its payment obligations with respect
to the household products purchased for its account.
"We are pleased to discuss our recent business development
activity," Mr. Xiaoyun Huang,
Chairman and Chief Executive Officer of Nisun International,
commented. "The Company will continue to leverage its advantages
and utilize its capital proceeds to invest and improve the supply
chain dynamic while expanding scale. We remain committed to
providing our clients with effective, high-quality supply chain
solutions."
About Nisun International Enterprise Development Group Co.,
Ltd
Nisun International Enterprise Development Group Co., Ltd
(NASDAQ: NISN) is a technology-driven, integrated supply chain
solutions provider focused on transforming the corporate finance
industry. Leveraging its industry experience, Nisun is dedicated to
providing professional supply chain solutions to Chinese and
foreign enterprises and financial institutions. Through its
subsidiaries and controlled companies, Nisun provides users with
professional solutions for technology supply chain management,
technology asset routing, and digital transformation of tech and
finance institutions, enabling the industry to strengthen and grow.
At the same time, Nisun continues to deepen the field of industry
segmentation through industrial and financial integration, by
cultivating and creating an ecosystem of openness and empowerment.
Nisun has built a linked platform that incorporates supply chain,
banking, securities, trust, insurance, funds, state-owned
enterprises, among other businesses. Focusing on industry-finance
linkages, Nisun aims to serve the upstream and downstream of the
industrial supply chain while also assisting with supply-side
sub-sector reform. For more information, please
visit http://ir.nisun-international.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains information about Nisun's view of
its future expectations, plans and prospects that constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from historical results or those
indicated by these forward-looking statements as a result of a
variety of factors including, but not limited to, risks and
uncertainties associated with its ability to raise additional
funding, its ability to maintain and grow its business, variability
of operating results, its ability to maintain and enhance its
brand, its development and introduction of new products and
services, the successful integration of acquired companies,
technologies and assets into its portfolio of products and
services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. Nisun
encourages you to review other factors that may affect its future
results in Nisun's registration statement and in its other filings
with the Securities and Exchange Commission. Nisun assumes no
obligation to update or revise its forward-looking statements as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
Contacts
Nisun International Enterprise Development Group Co.,
Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com
ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com
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SOURCE Nisun International Enterprise Development Group Co.,
Ltd