Business
China Xiangtai Food Co., Ltd. Announces Closing of US$16.5 Million Registered Direct Offering
CHONGQING, China, Nov. 24, 2021 (GLOBE NEWSWIRE) -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("PLIN" or the "Company"), an emerging growth company engaged
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[{"type":"text","content":"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 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 a...