BEIJING, Feb. 21, 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 $2.5 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.
Under the terms of the securities purchase agreement, the
Company has agreed to sell 3.5 million Class A Common Shares. In a
concurrent private placement, the Company has agreed to issue
unregistered warrants to purchase up to approximately 3.5 million
Class A Common Shares. The warrants will be exercisable immediately
following the date of 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 $2.5
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
February 25, 2020, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC acted as sole placement agent for the
offering.
The 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 available, copies of the
prospectus supplement and the accompanying prospectus relating to
the registered direct offering may be obtained at the SEC's website
www.sec.gov or by contacting Maxim Group LLC, 405 Lexington
Avenue, 2nd Floor, New York, NY
10174, at 212-895-3745.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Lianluo Smart Limited
Lianluo Smart Limited (Nasdaq: LLIT) is a professional smart
service and products provider, which designs, develops and markets
its own branded medical products and medical components in
China. The Company's business is
divided into four business sectors: medical wearable devices, smart
devices, smart ecosystem platform and Obstructive Sleep Apnea
Syndrome ("OSAS") service.
Forward Looking Statements
This announcement contains forward-looking statements.
Forward-looking statements provide our current expectations or
forecasts of future events. Forward-looking statements include
statements about our expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not
historical facts. Words or phrases such as "anticipate," "believe,"
"continue," "estimate," "expect," "intend," "may," "ongoing,"
"plan," "potential," "predict," "project," "will" or similar words
or phrases, or the negatives of those words or phrases, may
identify forward-looking statements, but the absence of these words
does not necessarily mean that a statement is not forward-looking.
Examples of forward-looking statements in this announcement
include, but are not limited to, statements regarding our
disclosure concerning the Company's operations, cash flows,
financial position and dividend policy.
View original
content:http://www.prnewswire.com/news-releases/lianluo-smart-limited-announces-pricing-of-approximately-2-5-million-offering-301009120.html
SOURCE Lianluo Smart Limited