ChinaNet Announces Closing of Registered Direct Offering Raising Approximately $11 Million in Gross Proceeds
January 18 2018 - 7:30AM
ChinaNet Online Holdings, Inc. (CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing
and data-analysis and management services platform, today
announced that it closed on January 17, 2018 a registered direct
offering pursuant to a previously announced securities purchase
agreement with certain institutional investors, raising
approximately $11 million from selling its common stock at a price
of $5.15 per share. After deducting offering expenses, the net
proceeds will be used for general working capital purposes.
The Company issued a total of 2,150,001 common
shares to institutional investors. As part of the transaction, the
Company also issued to the investors warrants for the purchase of
up to 645,000 common shares at an exercise price
of $6.60 per share, which warrants have a term of 30
months from the date of issuance.
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 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
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Jun 2024 to Jul 2024
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Jul 2023 to Jul 2024