Business
CLPS Incorporation Announces Pricing of Approximately $16.0 Million Registered Direct Offering Priced At-The-Market
HONG KONG, March 1, 2021 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), announced today that it has entered into a securities
About this update from Clps Incorporation
[{"type":"text","content":"HONG KONG, March 1, 2021 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) (\"CLPS\" or \"the Company\"), announced today that it has entered into a securities purchase agreement on February 28, 2021 with certain accredited investors to purchase approximately $16.0 million worth of its common stock and warrants in a registered direct offering priced at-the-market under Nasdaq rules.\nUnder the terms of the securities purchase agreement, the Company has agreed to sell 2,666,666 shares of the Company's common stock and issue unregistered warrants to purchase up to an additional 2,666,666 shares of common stock in a concurrent private placement transaction. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $6.00. The warrants will expire 5.5 years from the date of issuance. The purchase price for one share of common stock and one corresponding warrant will be $6.00. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $16.0 million before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering is expected to close on or about March 3, 2021, subject to the satisfaction of customary closing conditions. \nMaxim Group LLC is acting as sole placement agent in connection with this offering. \nThe securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 (File No.: 333-231812) filed with the Securities and Exchange Commission (the \"SEC\") dated May 29, 2019, as amended, and declared effective on June 20, 2019. A prospectus supplement related to the offering will be, filed with the SEC and available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.\nAbout CLPS Incorporation\nHeadquartered in Hong Kong...