LISHUI, China, April 22,
2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ:
TANH) ("Tantech" or the "Company") today announced that it has
entered into a securities purchase agreement with institutional
investors to raise approximately $2.1
million in aggregate cash proceeds, before deducting fees to
the placement agent and other offering expenses payable by the
Company. The closing of the private placement is expected to occur
on April 24, 2024, subject to the
satisfaction of certain customary closing conditions set forth in
the securities purchase agreement.
In connection with the private placement, the Company will issue
an aggregate of 4,200,000 units and pre-funded units. The purchase
price per unit is $0.50. The
pre-funded units will be sold at the same purchase price as the
units, less the pre-funded warrant exercise price of $0.0001. Each unit and pre-funded unit will
consist of one common share (or pre-funded warrant), two Series A
warrants each exercisable into one common share at an exercise
price of $0.75 per share, which
exercise price is subject to standard adjustments for dividends,
splits and similar events and is also subject to adjustment for
certain dilutive issuances, upon reset following certain
capitalization events (including a reverse stock split) and upon
reset on a Reset Date (as defined in the Series B Warrant), and one
Series B warrant with an exercise price of $0.0001 per common share to purchase such amount
of common shares as will be determined on the Reset Date (as
defined in the Series B Warrant). The Series A and Series B
warrants will be exercisable upon issuance and will have a term of
5.5 years from the date of issuance. The number of securities
issued under the units is subject to adjustment as described in
more detail in the Report on Form 6-K to be filed in connection
with the private placement.
Maxim Group LLC is acting as the sole placement agent for the
offering.
The securities described above were offered in a private
placement exempt from the registration requirements under Section
4(a)(2) of the Securities Act of 1933, as amended (the "Act") and
Regulation D promulgated thereunder and in a transaction not
involving a public offering and have not been registered under the
Act or applicable state securities laws. Accordingly, the
securities may not be reoffered or resold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Tantech Holdings Ltd
For the past decade, Tantech has been a highly specialized
high-tech enterprise producing, researching and developing bamboo
charcoal-based products with an established domestic and
international sales and distribution network. Since 2017, when the
Company acquired 70% of Shangchi Automobile, a vehicle manufacturer
based in Zhangjiagang City, Jiangsu
Province, it has manufactured and sold vehicles. The Company
established two new subsidiaries, Lishui Smart New Energy
Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile
Co., Ltd., in November 2020, to
produce and sell street sweepers and other electric vehicles. The
Company is fully ISO 90000 and ISO 14000 certified and has received
a number of national, provincial and local honors, awards and
certifications for its products and scientific research efforts.
The Company's subsidiary, First International Commercial Factoring
(Shenzhen) Co., LTD, is engaged in
commercial factoring for businesses in and related to its supply
chain. For more information, please visit:
https://tanhtech.com.
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 the sales,
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:
Tantech Holdings Ltd
Investor Relations
Tel: +86 (578) 226-2305
ir@tantech.cn
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SOURCE Tantech Holdings Ltd.
