China Xiangtai Food Co., Ltd. Announces Pricing of US$16.5 Million Registered Direct Offering
22 Novembre 2021 - 3:38PM
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("PLIN" or the
"Company"), an emerging growth company engaged in the feed raw
material wholesale and retail business, today announced that it has
entered into a securities purchase agreement with certain investors
to sell US$16.5 million of its ordinary shares in a registered
direct offering and ordinary share purchase warrants in a
concurrent private placement.
Under the terms of the securities purchase
agreement, the Company has agreed to sell 17,175,412 ordinary
shares in a registered direct offering and warrants to purchase
17,175,412 ordinary shares in a concurrent private placement
pursuant to an exemption from the registration requirements of the
Securities Act of 1933 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 will be
US$0.96. The gross proceeds to the Company are estimated to be
US$16.5 million before deducting placement agent fees and other
estimated offering expenses. The Company plans to use the net
proceeds from the offering for product research and development,
marketing and business development, new business assessment and
acquisition, talent acquisition and training, and working capital
and general business purposes.
The registered direct offering and the
concurrent private placement are expected to close on or about
November 24, 2021, subject to satisfaction of customary closing
conditions.
Univest Securities, LLC is acting as the
exclusive placement agent for this offering. Ortoli Rosenstadt LLP
serves as counsel to the Company, and Hunter Taubman Fischer &
Li LLC serves as counsel to Univest Securities, LLC in connection
with the Offering.
The sale of the ordinary shares in the
registered direct offering is being made pursuant to a shelf
registration statement on Form F-3 (File No. 333-238700),
previously 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 will be filed with the SEC. When available, 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, 375
Park Avenue, 15th Floor, New York, NY 10022.
Before investing in this offering, interested
parties should read in their entirety the prospectus supplement and
the accompanying prospectus and the other documents that the
Company has filed with the SEC that are incorporated by reference
in such prospectus supplement and the accompanying base prospectus,
which provide more information about the Company and such offering.
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.
Headquartered in Chongqing, China, China
Xiangtai Food Co., Ltd., through the recent acquisition of
Chongqing Ji Mao Cang Feed Co., Ltd, engages in the feed raw
material and feed formula solutions wholesale and retail business.
For more information, please
visit http://ir.plinfood.com/.
Safe Harbor Statements
This 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,
including the closing of the offering, 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.Email: ir@plinfood.com
Investor Relations Contact
Ms. Tina Xiao, PresidentAscent Investor
Relations LLCPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
China Xiangtai Food (NASDAQ:PLIN)
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