Business
Tantech Announces a $2.8 Million Private Placement
LISHUI, China, March 24, 2023 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"LISHUI, China, March 24, 2023 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) (\"Tantech\" or the \"Company\"), a clean energy company in China, today announced that it has closed a private placement transaction, in which the Company sold to individual purchasers an aggregate of 1,000,000 common shares, par value $0.24 per share (the \"Shares\"), at a price of $2.8 per share for aggregate gross proceeds of $2.8 million. The Company intends to use the proceeds from this offering for working capital and general corporate purposes.\nOn February 21, 2023, the Company entered into a securities purchase agreement with non-U.S. individual purchasers (the \"Purchasers\") for the aforementioned placement offering. The Shares were sold in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on Regulation S thereunder. Each of the Purchasers understands that the Shares have not been registered under the Securities Act and such Purchasers may not sell or otherwise dispose of the Shares without registration under the Securities Act and under applicable state securities or \"Blue Sky\" laws, or pursuant to an exemption therefrom.\nFor a more complete description of the private placement offering, please see the Company's current report on Form 6-K to be filed with the Securities and Exchange Commission.\nAbout Tantech Holdings Ltd\nFor the last two decades, Tantech has been a leading high-tech enterprise pioneering and specializing in producing, researching and developing products based on bamboo charcoals with a well-established domestic and international sales and distribution network. Tantech expanded into the clean vehicle industry in 2017 through acquiring 70% shares of Shangchi Automobile. In November 2020, Tantech established two additional subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to produce and market electric vehicles, including automatic high-speed street sweepers and others. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. Tantech has recently expanded its operation into international markets. In May and July 2022, the Company established wholly-owned subsidiaries, EPakia Inc. and EPakia Can...