Infobird Co., Ltd Announces Pricing of $5 Million Registered Direct Offering

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[{"type":"text","content":"BEIJING, Feb. 24, 2023 /PRNewswire/ -- Infobird Co., Ltd (NASDAQ: IFBD) (\"Infobird\" or the \"Company\"), a leading and long-standing SaaS providers in serving large enterprises in the finance industry in customer engagement with over 10 years of experience in China, today announced the pricing of its registered direct offering (\"Offering\") of 3,846,000 units, with each unit consisting of one ordinary share and 0.65 warrant to purchase one ordinary share. Each unit was sold at a price of $1.30. The warrants will be exercisable immediately upon the date of issuance, have an exercise price of $1.30, and will expire five years form the date of issuance. Each warrant in the Offering will become exercisable for one ordinary share under the cashless exercise provision if certain conditions are satisfied. Concurrently with the Offering, the Company is conducting a private placement with the investors in the Offering for additional unregistered warrants to purchase 2,884,500 ordinary shares. The unregistered warrants will be exercisable six months after the date of issuance, have an exercise price of $1.30, and will expire five and a half years from the date of issuance. Gross proceeds from the Offering and the concurrent private placement, before deducting placement agent fees and other offering expenses, are expected to be approximately $5 million. The Offering is expected to close on February 28, 2023, subject to customary closing conditions.\nMaxim Group LLC is acting as the sole placement agent in connection with this Offering and the concurrent private placement.\nArentFox Schiff LLP, Washington, DC, acted as counsel to the Company in connection with the Offering, and Hunter Taubman Fischer & Li LLC, New York, New York, served as counsel to Maxim Group LLC in connection with the Offering.\nThe securities in the Offering are being offered pursuant to a registration statement on Form F-3, as amended (File No. 333-268993) (the \"Registration Statement\"), which was declared effective by the Securities and Exchange Commission (the \"SEC\") on February 17, 2023. The Offering is being made only by means of a prospectus which is a part of the Registration Statement. Copies of the final prospectus relating to this offering, when available, will be filed with the SEC and may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor,...

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