Molecular Data Inc. Announces Private Placement of up to US$5.0 Million Convertible Debentures
October 13 2020 - 8:08AM
Molecular Data Inc. (“Molecular Data” or the “Company”) (NASDAQ:
MKD), a leading technology-driven platform in China’s chemical
industry, today announced that it has entered into definitive
agreement with YA II PN, Ltd., a Cayman Islands exempt limited
partnership managed by Yorkville Advisor Global, LP (the
“Purchaser”), pursuant to which Molecular Data will issue and sell
convertible debentures in an aggregate principal amount of up to
US$5.0 million to the Purchaser through private placement. The
private placement of such convertible debentures is subject to
customary closing conditions.
The convertible debentures will be issued and
purchased in installments according to the following schedule: (i)
convertible debenture of US$3.0 million should be issued and
purchased upon the signing of the definitive agreement, (ii)
convertible debenture of US$1.0 million should be issued and
purchased upon the filing of a registration statement with the U.S.
Securities and Exchange Commission (“SEC”) relating to the
convertible debentures, and (iii) convertible debenture of US$1.0
million should be issued and purchased on or about the date the
registration statement is declared effective by the SEC.
The convertible debentures to be issued to the
Purchaser bear interest at a rate of 5% per year. The convertible
debentures will mature upon one-year anniversary of the issuance
date unless redeemed or converted in accordance with their terms
prior to such date.
Subjected to and upon compliance with the terms
of the convertible debentures, the Purchaser has the right to
convert all or any portion of the convertible debentures at its
option at any time. Upon conversion, the Company will deliver to
the Purchaser American depositary shares of the Company (the
“ADSs”). The initial conversion price shall be the lower of (i)
US$1.30 per ADS, or (ii) 88% of a reference price benchmarked
against trading price of the Company’s ADSs.
About Molecular Data Inc.
Molecular Data Inc. is a leading
technology-driven platform in China’s chemical industry, connecting
participants along the chemical value chain through integrated
solutions. The Company delivers e-commerce solutions, financial
solutions, warehousing and logistics solutions, and SaaS suite that
are intended to solve pain points for participants in the
traditional chemical industry. Built upon a comprehensive knowledge
engine and artificial intelligence (AI) capabilities, the Company’s
e-commerce solutions are mainly offered through its online
platform, consisting of molbase.com, molbase.cn, Moku Data WeChat
account, Chemical Community App and other ancillary platforms.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continues” or other similar expressions. The Company
may also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including but
not limited to statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a variety
of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: the Company’s goals and strategies; the
Company’s future business development, results of operations and
financial condition; the expected growth of the education market;
the Company’s ability to monetize the user base; fluctuations in
general economic and business conditions in China; the potential
impact of the COVID-19 to the Company’s business operations and the
economy in China and elsewhere generally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and the Company undertakes
no duty to update such information, except as required under
applicable law.
For investor and media inquiries, please
contact:
In China:
Molecular Data Inc.Eva MaTel:
+86-21-5419-9057E-mail: investor@molbase.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: molbase@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: molbase@tpg-ir.com
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