China Xiangtai Food Co., Ltd. Announces Closing of US$16.5 Million Registered Direct Offering
24 Novembre 2021 - 10:30PM
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 the closing
of its previously announced registered direct offering and
concurrent private placement with certain investors, raising
approximately US$16.5 million in gross proceeds, before deducting
placement agent fees and other estimated offering expenses. The
offering consists of the sale of 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 was US$0.96.
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.
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.
Ms. Zeshu Dai, Chairwoman and Chief Executive
Officer of the Company, stated, "The Company is very pleased to
partner with new investors to finance its continuous efforts to
develop its current business and to continue its search for
potential new business developments. This financing allows the
Company to explore new opportunities in emerging industries/markets
to strengthen its competitiveness.”
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),
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 were filed with the SEC on November 23, 2021. 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.
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
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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