LISHUI, China, Nov. 24, 2020 /PRNewswire/ -- Tantech Holdings
Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy
company in China, today announced
that it closed a previously announced offering with institutional
investors, raising approximately $10
million in gross proceeds, before deducting placement agent
fees and other standard offering expenses, from the sale of
6,060,608 of its common shares, priced at $1.65 per share, and registered warrants to
purchase up to 2,754,820 common shares in a registered direct
offering, and unregistered warrants to purchase up to 3,305,788
common shares in a concurrent private placement. Such registered
and unregistered warrants are immediately exercisable, expire five
years from the date of issuance and have an exercise price of
$1.81 per share. The Company plans to
use the net proceeds from the offering for working capital and
general business purposes.
Univest Securities, LLC acted as the exclusive placement
agent for the transaction and received unregistered warrants
in connection with the offering exercisable for up to 363,637
common shares at $1.815 per share,
which are exercisable at any time during the period commencing six
months after the offering's closing date through the third
anniversary of the date of their issuance.
Such common shares and registered warrants were sold to the
institutional investors pursuant to a prospectus supplement forming
a part of the Company's shelf registration statement on Form F-3
(File No. 333-248197), which was originally filed with the
Securities and Exchange Commission (the "SEC") on August 20, 2020 and was declared effective by the
SEC on August 31, 2020.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of the
Company's common shares or warrants in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction. A prospectus supplement to such registration
statement which registers such common shares, registered warrants
and the common shares underlying such registered warrants has been
filed by Tantech with the SEC on November
24, 2020. Copies of the prospectus supplement relating to
such registered direct offering, together with the accompanying
base prospectus, can be obtained at the SEC's website at
www.sec.gov.
About Tantech Holdings Ltd
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech, together with its
subsidiaries, is now, in addition to be a developer and
manufacturer of bamboo-based charcoal, an innovative leader in the
design, manufacture and distribution of electric vehicles. The
Company has also invested in mining business in 2018 and 2019.
For more information please visit: http://ir.tantech.cn.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information, please contact:
Global IR Partners
David Pasquale
New York Phone: +1-914-337-8801
TANH@globalirpartners.com
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SOURCE Tantech Holdings Ltd.