Business
Lianluo Smart Limited Announces Pricing of Approximately $3.4 Million Offering
BEIJING, Feb. 27, 2020 /PRNewswire/ -- Lianluo Smart Limited ("Lianluo Smart" or the "Company") (NASDAQ: LLIT), a China based professional smart service and
About this update from Newegg Commerce, Inc.
[{"type":"text","content":"BEIJING, Feb. 27, 2020 /PRNewswire/ -- Lianluo Smart Limited (\"Lianluo Smart\" or the \"Company\") (NASDAQ: LLIT), a China based professional smart service and products provider announced today it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $3.4 million of its Class A Common Shares (the \"Class A Common Shares\") in a registered direct offering and warrants to purchase Class A Common Shares in a concurrent private placement.\nUnder the terms of the securities purchase agreement, the Company has agreed to sell 4.9 million Class A Common Shares. In a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to 4.9 million Class A Common Shares. The warrants will be exercisable upon issuance and have an exercise price of $0.70. The warrants will expire 5.5 years from the issuance date. The purchase price for one Class A Common Share and a corresponding warrant will be $0.70. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $3.4 million before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about March 2, 2020, subject to the satisfaction of customary closing conditions.\nMaxim Group LLC acted as sole placement agent for the offering.\nThe Class A Common Shares being sold pursuant to the registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333- 227817), previously filed with the Securities and Exchange Commission (the \"SEC\") on October 31, 2018, as amended, and declared effective on November 8, 2018. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. The warrants, along with the underlying Class A Common Shares have not been registered under the Securities Act of 1933, as amended (the \"Securities Act\") and are offered pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D promulgated thereunder. When availa...