LISHUI, China, March 7, 2016 /PRNewswire/ -- Tantech
Holdings Ltd. (NASDAQ: TANH) ("Tantech" or the "Company"), a
leading manufacturer of bamboo-based charcoal products, announced
today that it has completed a $7,957,100 private placement of its common stock
(the "Private Placement") to various purchasers (each, a
"Purchaser" and collectively the "Purchasers").
Pursuant to a securities purchase agreement (the "Securities
Purchase Agreement") executed on March 1,
2016, the Company issued and sold 1,693,000 shares of its
common stock (the "Shares") to the Purchasers at $4.70 per share for an aggregate consideration of
$7,957,100 (approximately
RMB 52.1 million). The offering price
represents an approximately 11% discount over the closing price of
$5.30 on February 29, 2016. The Private Placement closed
on March 1, 2016. Upon completion of
the Private Placement, the Company had 23,293,000 shares of common
stock outstanding.
The Shares are being sold in transactions exempt from
registration under the Securities Act of 1933, as amended (the
"Securities Act"), in reliance on Regulation S thereunder. Each of
the Purchaser understands that the Shares have not been registered
under the Securities Act. Such Purchaser will 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. A copy of the Securities
Purchase Agreement was filed with the Security and Exchange
Commission as Exhibits 10.1 to a Form 6-K on March 4, 2016
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech Holdings Ltd., together with
its subsidiaries, develops and manufactures bamboo-based charcoal
products in China and
internationally. It operates through three segments: Consumer
Products, Trading, and Biofuel Energy. The company produces pressed
and formed charcoal briquettes for use in grills, incense burners,
and other applications under the Algold brand. It also offers
Charcoal Doctor branded products, such as air purifiers and
humidifiers, automotive accessories for air purification,
underfloor humidity control, pillows and mattresses, wardrobe
deodorizers, mouse pads and wrist mats, refrigerator deodorants,
charcoal toilet cleaner disks, liquid charcoal cleaners, shoe
insoles, and decorative charcoal gifts. In addition, the Company
provides liquid byproduct consists of bamboo vinegar that is used
in disinfectants, detergents, lotions, specialized soaps, toilet
cleaners, and fertilizers, as well as in various agricultural
applications. Further, it engages in providing bamboo carbon for
use in EDLCs; the production of electric double-layer capacitor
carbon products; and the industrial purchase and sale of rubber.
The Company provides its products for industrial energy
applications, as well as household cooking, heating, purification,
agricultural, and cleaning uses. The company also exports its
bamboo vinegar, bamboo charcoal purification, and EDLC carbon
products. For more information about Tantech Holdings Ltd., please
visit: http://www.tantech.cn/en/index.asp.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
Weitian Investor Relations
Ms. Tina Xiao
+1-917-609-0333
tanh@weitian-ir.com
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SOURCE Tantech Holdings Ltd.