Business
WiMi Hologram Cloud Inc. Announces Closing of $83.8 million Registered Direct Offering
BEIJING, March 25, 2021 /PRNewswire/ - WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading Hologram Augmented Reality ("AR")
About this update from Wimi Hologram Cloud Inc.
[{"type":"text","content":"BEIJING, March 25, 2021 /PRNewswire/ - WiMi Hologram Cloud Inc. (Nasdaq: WIMI) (\"WiMi\" or the \"Company\"), a leading Hologram Augmented Reality (\"AR\") Technology provider, today announced that it closed a registered direct offering of an aggregate of 11,173,335 units at a purchase price of US$7.50 per unit for a total offering size of approximately US$83.8 million. Each unit consists of one American Depositary Share (the \"ADS\"), each representing two Class B ordinary shares of the Company, and 0.4 warrant to purchase one ADS at an exercise price of US$8.60 per ADS, subject to adjustments. The warrants will be exercisable immediately after the date of issuance (the \"Initial Exercise Date\") and will expire two years after the Initial Exercise Date.\nThe Company intends to use the net proceeds from the offering for research and development, strategic acquisitions, and general corporate purposes. \nFT Global Capital Inc. and The Benchmark Company, LLC, are acting as Exclusive Placement Agents in connection with the offering. DLA Piper UK LLP acted as the Company's U.S. legal counsel, Schiff Hardin LLP acted as U.S. legal counsel and PacGate Law Group acted as PRC legal counsel for Placement Agents.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nThe Company's securities described above are being offered pursuant to an effective registration statement on Form F-1 (SEC File No. 333-254461), that was previously filed with the Securities and Exchange Commission (\"SEC\") on March 18, 2021, subsequently amended and declared effective on March 22, 2021, and by means of a prospectus a copy of which has been filed with the SEC and is available on the SEC's website at www.sec.gov. A copy of the final prospectus relating to the offering may be obtained, when available, by contacting FT Global Capital, Inc., via email at [email protected], or 5 Concourse Parkway, Suite 3000, Atlanta, GA, 30328; or The Benchmark Company, LLC, via email at [email protected] or at 150 East 58th Street, 17th Floor, Ne...