BUSINESS: China Xiangtai Food Co., Ltd. Announces Closing For US$16.5 Million Registered Direct Offering

dWeb.News Article from Daniel Webster dWeb.News

by Daniel Webster, dWeb.News Publisher

November 24, 2021 16: 30 ET | Source: China Xiangtai Food Co., Ltd

CHONGQING, China, Nov. 24, 2021 (GLOBE NEWSWIRE) — 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 expire five years after the date of issue. 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. The Company was represented by Ortoli Rosenstadt LLP, while Hunter Taubman Fischer & Li LLC were the counsel for Univest Securities, LLC.

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. These securities can only be offered by 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. Other than historical facts, all statements in this announcement constitute 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. These forward-looking statements can be identified by phrases like “may”, “will”, “anticipate,””estimate,”,”aim,”,”estimate,”,”intend,”,”believe,”,”potential,” and other similar expressions. Except as required by law, the Company is not required to revise forward-looking statements in order to reflect changes or new events. 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, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

For more dWeb.News Business News: https://dweb.news/news-sections/business-news/

The post BUSINESS: China Xiangtai Food Co., Ltd. Announces Closing For US$16.5 Million Registered Direct Offering appeared first on dWeb.News dWeb.News from Daniel Webster Publisher dWeb.News – dWeb Local Tech News and Business News

dWeb.NewsRead More

Similar Posts