ZW Data Action Technologies Inc. Announces the Closing of $7.0 Million Registered Direct Offering
December 14 2020 - 4:30PM
ZW Data Action Technologies Inc.(NASDAQ:CNET) ("ZW Data" or the
"Company"), an integrated online advertising, precision marketing
and data analytics and other value-added services
company, today announced the closing on December 14, 2020 of
its previously announced registered direct offering of 4,320,989
shares of common stock and warrants to purchase up to 1,728,396
shares of common stock, at a purchase price of $1.62 per share and
corresponding warrant. The warrants have a term of three years and
are not be exercisable for the first six months from the date of
issuance. The warrants have an exercise price of $2.03.
The offering generated aggregate gross proceeds to the Company
of approximately $7.0 million, before deducting fees to the
placement agent and other estimated offering expenses payable by
the Company. The net proceeds from this offering will be used for
general working capital purposes.
FT Global Capital, Inc. acted as the exclusive placement
agent in connection with the offering.
Loeb & Loeb LLP acted as counsel to the Company and Schiff
Hardin LLP acted as counsel to the placement agent in connection
with the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, and these
securities cannot be sold in any state in which this offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. All
offers were made only by means of a prospectus, including a
prospectus supplement pursuant to the Company’s effective shelf
registration statement and base prospectus contained therein. The
shelf registration statement (SEC Filing No. 333-228061) relating
to the offering was filed with and declared effective by the
Securities and Exchange Commission (the “SEC”) on August 3, 2020. A
prospectus supplement related to the offering was filed with the
SEC on December 11, 2020 and is available at www.sec.gov.
For further details of this transaction, please see the Current
Report on Form 8-K filed with the SEC on December
11, 2020 and is available at www.sec.gov.
About ZW Data Action Technologies
Inc.Established in 2003 and headquartered in Beijing,
China, ZW Data Action Technologies Inc. (the “Company”) offers
online advertising, precision marketing, data analytics and other
value-added services for enterprise clients. Leveraging its fully
integrated services platform, proprietary database, and
cutting-edge algorithms, ZW Data Action Technologies delivers
customized, result-driven business solutions for small and
medium-sized enterprise clients in China. The Company also develops
blockchain and artificial intelligence enabled web/mobile
applications and software solutions for general public, enterprise
clients, and government agencies. More information about the
Company can be found at: http://www.zdat.com/.
Safe HarborThis release contains certain
"forward-looking statements" relating to the business of ZW Data
Action Technologies Inc., which can be identified by the use of
forward-looking terminology such as "believes," "expects,"
"anticipates," "estimates" or similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties, including business uncertainties relating to
government regulation of our industry, market demand, reliance on
key personnel, future capital requirements, competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the
Securities and Exchange Commission. These forward-looking
statements are based on ZW Data Action Technologies current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting ZW Data Action Technologies will be
those anticipated by ZW Data Action Technologies. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by such
forward-looking statements. ZW Data Action Technologies undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
For more information please contact:
Sherry ZhengWeitian Group LLCEmail:
shunyu.zheng@weitian-ir.comPhone: +1 718-213-7386
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Apr 2024 to May 2024
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From May 2023 to May 2024