Business
China Xiangtai Food Co., Ltd. Announces Pricing of US$16.5 Million Registered Direct Offering
CHONGQING, China, Nov. 22, 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. 22, 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 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 desc...