Business
ATIF Holdings Limited Announces USD$4.0 Million Registered Direct Offering
Shenzhen, China, Nov. 03, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia
About this update from Atif Holdings Limited
[{"type":"text","content":"Shenzhen, China, Nov. 03, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia services in Asia, today announced today announced that it has entered into definitive agreements with several institutional accredited investors for the issuance and sale of an aggregate of 4,347,800 of its ordinary shares, at a purchase price of USD$0.92 per share, in a registered direct offering. ATIF has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 4,347,800 of ordinary shares. The closing of the offering is expected to occur on or about November 5, 2020, subject to the satisfaction of customary closing conditions.\n FT Global Capital is acting as the exclusive placement agent for the offering. The warrants have an exercise price equal to USD$1.10 per share, are exercisable immediately and will expire five years from the issuance date. After one-year, the exercise price may reset to closing bid price if it is lower than the exercise price then in effect. In addition, the warrant exercise price may be subject to adjustment in the event that the Company issues certain securities at prices below the then exercise price. The gross proceeds from the offering are expected to be approximately USD$3.47 million. The Company intends to use the net proceeds from the offering for working capital purposes, expanding existing businesses or acquiring or investing in businesses, debt reduction or debt refinancing, capital expenditures and other general corporate purposes. The ordinary shares described above (but not the warrants or the ordinary shares underlying the warrants) are being offered and sold by the Company in a registered direct offering pursuant to a “shelf” registration statement on Form F-3 (Registration No. 333- 239131), including an accompanying prospectus, previously filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”) on September 21, 2020. The offering of the ordinary shares will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. The warr...