Pinduoduo Announces Private Placement to a Global Institutional Investor
December 21 2020 - 8:06AM
Pinduoduo Inc. (the “Company”) (NASDAQ: PDD), today announced that
a global institutional investor will purchase through a private
placement close to US$500 million of newly issued Class A ordinary
shares of the Company, representing approximately 0.3% of the
Company's post-issuance total outstanding shares. The transaction
was priced with reference to the volume-weighted average price of
the last five trading days. The investor has also agreed to a
six-month lock-up period with respect to the newly issued shares.
The transaction is expected to close on or about December 24, 2020.
The share issuance was exempted from registration under the
Securities Act of 1933, as amended, (the “Securities Act”) pursuant
to Section 4(a)(2) of the Securities Act regarding transactions not
involving a public offering or Regulation S under the Securities
Act.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as Pinduoduo’s strategic and operational
plans, contain forward-looking statements. Pinduoduo may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange
Commission (the “SEC”), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to fourth
parties. Statements that are not historical facts, including but
not limited to statements about Pinduoduo’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Pinduoduo’s growth strategies; its future
business development, results of operations and financial
condition; its ability to understand buyer needs and provide
products and services to attract and retain buyers; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to rely on merchants and fourth-party logistics service
providers to provide delivery services to buyers; its ability to
maintain and improve quality control policies and measures; its
ability to establish and maintain relationships with merchants;
trends and competition in China’s e-commerce market; changes in its
revenues and certain cost or expense items; the expected growth of
China’s e-commerce market; PRC governmental policies and
regulations relating to Pinduoduo’s industry, and general economic
and business conditions globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Pinduoduo’s filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and Pinduoduo undertakes no obligation to
update any forward-looking statement, except as required under
applicable law.
About Pinduoduo Inc.
Pinduoduo operates China's largest agri-focused technology
platform, providing an online marketplace that connects millions of
agricultural producers with consumers across the country. A pioneer
of interactive commerce and the consumer-to-manufacturer model,
Pinduoduo aims to bring more businesses and people into the digital
economy so that local communities can benefit from the increased
productivity and convenience through new market opportunities.
For more information on Pinduoduo news and industry trends,
please visit our content hub at
http://stories.pinduoduo-global.com/.
Source: Pinduoduo Inc.
For investor and media inquiries, please contact us at:
investor@pinduoduo.com
internationalmedia@pinduoduo.com
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