BEIJING and URUMQI, China,
July 11, 2018 /PRNewswire/ -- China
Lending Corporation (NASDAQ: CLDC) (the "Company"), a leading
non-bank direct lending corporation servicing micro, small and
medium sized enterprises (MSME), currently underserved by
commercial banks in China, today
announced that it closed a registered direct offering on
July 10, 2018 pursuant to a
previously announced securities purchase agreement with certain
institutional investors, raising approximately $2 million from selling its ordinary shares at a
price of $2.60 per share. After
deducting offering expenses, the net proceeds will be used for
general working capital purposes.
The Company issued a total of 769,232 ordinary shares to
institutional investors. As part of the transaction, the Company
issued to the investors Series A warrants to purchase up to 576,924
ordinary shares at an exercise price of $2.60 per share, which warrants have a term of
four (4) years from the date of issuance. The investors also
received Series B warrants with an initial face amount of 200,000
ordinary shares, which are subject to adjustment not in excess of
an aggregate of 462,843 ordinary shares for nominal consideration.
If on the 30th day after the closing date of the
transaction, the closing bid price of the Company's ordinary shares
is less than $2.60, the investors
shall have the right to exercise the Series B warrants and the
number of ordinary shares to be issued to the investors upon
exercise of the Series B warrants shall be adjusted (upward or
downward, as necessary) based on the closing bid price of the
Company's ordinary shares on such date.
FT Global Capital acted as the exclusive placement agent for the
transaction.
These securities were offered through a prospectus supplement
filed with the Securities and Exchange Commission pursuant to the
Company's effective shelf registration statement and base
prospectus contained therein. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
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 jurisdiction.
About China Lending Corporation
Founded in 2009, China Lending Corporation is a non-bank direct
lending corporation and provides services to micro, small and
medium sized enterprises, farmers, and individuals, who are
currently underserved by commercial banks in China. The Company is headquartered in Urumqi,
the capital of Xinjiang Autonomous Region.
Forward-Looking Statements
This press release may include forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that China Lending
Corporation expects or anticipates will or may occur in the future
are forward-looking statements and are identified with, but not
limited to, words such as "may," "believe" and "expect." These
statements are based on certain assumptions and analyses made by
China Lending in light of its experience and its perception of
historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate
in the circumstances. Actual results may differ materially from
those expressed herein due to many factors such as, but not limited
to, (1) the ability to obtain or maintain the listing of the
Company's securities on the NASDAQ Capital Market; (2) the ability
to recognize the anticipated benefits of our recent business
combination, (3) the outcome of any legal proceedings that may be
instituted against the Company; (4) changes in applicable laws or
regulations; (5) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
and (6) other risks and uncertainties indicated from time to time
in the proxy statement filed by the Company in connection with the
business combination, including those under "Risk Factors" therein,
and other factors identified in the Company's prior and future
filings with the SEC, available at www.sec.gov.
These forward-looking statements are based on information
available as of the date of this press release and involve a number
of judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date and the Company undertakes no obligation to
update any forward-looking statements contained herein to reflect
events or circumstances which arise after the date of this press
release, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
law.
Contacts:
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE China Lending Corporation