China Xiangtai Food Co., Ltd. Announces Closing of US$16 Million Registered Direct Offering and Concurrent Private Placement
03 Febbraio 2022 - 2:05AM
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("China Xiangtai"
or the "Company"), an emerging growth company engaged in
agricultural business with a diversified expansion strategy, today
announced the closing of its previously announced registered direct
offering and concurrent private placement with certain investors,
raising US$16,130,716 in gross proceeds, before deducting placement
agent fees and other estimated offering expenses. The offering
consists of the sale of 18,124,400 ordinary shares in a registered
direct offering and warrants to purchase 18,124,400 ordinary shares
in a concurrent private placement pursuant to an exemption from the
registration requirements of the Securities Act of 1933, as
amended, provided in Regulation S promulgated thereunder. The
warrants will be exercisable 60 days from the date of issuance and
have an exercise price of US$1.008. The warrants will expire five
years from the date of issuance. The purchase price for one
ordinary share and one corresponding warrant is US$0.89.
The Company plans to use the net proceeds from
the offering for new business assessment and acquisition, product
research and development, marketing and business development, and
working capital and general business purposes.
Univest Securities, LLC acted as the exclusive
placement agent for this offering. Ortoli Rosenstadt LLP served as
counsel to the Company, and Hunter Taubman Fischer & Li LLC
served as counsel to Univest Securities, LLC in connection with the
offering.
The sale of the ordinary shares in the
registered direct offering was made pursuant to a shelf
registration statement on Form F-3 (File No. 333-238700), filed
with the U.S. Securities and Exchange Commission (the "SEC") on May
26, 2020, and declared effective on July 7, 2020. Such securities
are being offered only by means of a prospectus. A prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the registered direct offering was filed
with the SEC on January 31, 2022. Copies of the prospectus
supplement and the accompanying prospectus relating to the
registered direct offering may be obtained at the SEC's website
www.sec.gov or by contacting Univest Securities, LLC by email
at info@univest.us or standard mail to Univest Securities, LLC, 75
Rockefeller Plaza Suite 1838, New York, NY 10019.
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 these securities 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.
About China
Xiangtai Food Co.,
Ltd.China Xiangtai Food Co., Ltd.,
engages in agricultural business. The Company is actively deploying
emerging technologies including crypto asset mining and blockchain
technologies with diversified expansion strategy. The current
operations are in the United
States, Canada and China. For more information,
please visit https://irplin.com.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
Safe Harbor StatementsThis
announcement contains 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 fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
Company Contact
China Xiangtai Food Co., Ltd.Erick W. RengifoPhone:
+1-347-556-4747Email: ir@irplin.com
Investor Relations Contact
Ms. Tina Xiao, PresidentAscent Investor Relations LLCPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
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