Business
FangDD Announces US$8.0 Million Registered Direct Offering
SHENZHEN, China, July 17, 2023 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”), a customer-oriented PropTech company
About this update from Fangdd Network Group Ltd.
[{"type":"text","content":"SHENZHEN, China, July 17, 2023 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”), a customer-oriented PropTech company in China, today announced that it has entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors for the issuance and sale by the Company in a registered direct offering of 11,428,565 American Depositary Shares, or ADSs, at a purchase price of US$0.70 per ADS, and regular warrants to purchase up to an aggregate of 11,428,565 ADSs. Maxim Group, LLC is acting as the sole placement agent in connection with this offering. The regular warrants to be issued have an exercise price of US$0.77 per ADS, which is subject to downwards adjustment pursuant to the terms thereof, and will be immediately exercisable until five years following issuance. The Company has also agreed to issue to investors reset warrants that permit cashless exercise on the 45th trading day following the date of the Purchase Agreement (such 45 trading day period, the “Measurement Period”) into a number of ADSs equal to the difference between (i) the quotient obtained by dividing (a) such investor’s subscription amount by (b) the greater of (A) the average of the five lowest volume-weighted average prices of the ADSs during the Measurement Period and (B) US$0.20, and (ii) the number of ADSs issued to such investor at the closing and if applicable, on the 15th and 30th trading days during the Measurement Period. The closing of the offering is expected to occur on or about July 19, 2023, subject to satisfaction of closing conditions. The gross proceeds from the offering are expected to be approximately US$8.0 million. FangDD intends to use the net proceeds for general corporate purposes. Additional information regarding this offering and the Purchase Agreement will be included in a current report on Form 6-K to be furnished by the Company to the U.S. Securities and Exchange Commission (the “SEC”). The securities described above will be offered by the Company pursuant to an effective “shelf” registration statement on Form F-3 (File No. 333-267397) previously filed with the SEC on September 13, 2022 and declared effective by the SEC on September 29, 2022. The securities may be offered only by means of a written prospectus and prospectus supplement that form a part of the registratio...