Business
GD Culture Group Limited Announces $10 Million Registered Direct Priced At-the-Market Under Nasdaq Rules
NEW YORK, Nov. 01, 2023 (GLOBE NEWSWIRE) -- GD Culture Group Limited (“GDC” or the “Company”) (Nasdaq: GDC), a holding company currently conducting business
About this update from Gd Culture Group Limited
[{"type":"text","content":"NEW YORK, Nov. 01, 2023 (GLOBE NEWSWIRE) -- GD Culture Group Limited (“GDC” or the “Company”) (Nasdaq: GDC), a holding company currently conducting business through Shanghai Xianzhui Technology Co., Ltd. (“Shanghai Xianzhui”) and AI Catalysis Corp. (“AI Catalysis”), today announced that it had entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 1,436,253 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), and pre-funded warrants to purchase up to 1,876,103 shares of the Company’s common stock (the “Pre-funded Warrants”) at a purchase price of $3.019 per share in a registered direct offering priced at-the-market under Nasdaq rules. The purchase price for the Pre-funded Warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share. The Company also agreed to issue to the same investors warrants (the “Warrants”) to purchase up to 3,312,356 shares of common stock at an exercise price of $3.019 per share. The Warrants will have a 5-year term from the date of issuance. The aggregate gross proceeds to the Company are expected to be approximately $10 million. The transactions are expected to close on or about November 3, 2023, subject to the satisfaction of customary closing conditions. Univest Securities, LLC is acting as the sole placement agent. The Shares, the Pre-funded Warrants, and the Warrants have been registered and the offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-254366) previously filed and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 26, 2021. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at [email protected], or by calling +1 (212) 343-8888. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securi...