By Chris Wack
China Xiangtai Food Co. shares were up 17% to $1.61 Monday after the company said it entered into a securities purchase agreement with certain investors to sell $16.5 million of its ordinary shares in a registered direct offering and ordinary share purchase warrants in a concurrent private placement.
Under the terms of the securities purchase agreement, the company said it agreed to sell 17.2 million shares in a registered direct offering and warrants to purchase 17.2 million shares in a concurrent private placement.
The warrants will be exercisable 60 days from the date of issuance and have an exercise price of $1.008. The warrants will expire five years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant will be 96 cents. The proceeds are estimated to be $16.5 million before deducting placement agent fees and other estimated offering expenses.
The company said it plans to use the proceeds from the offering for product research and development, marketing and business development, new business assessment and acquisition, talent acquisition and training, and working capital and general business purposes.
The registered direct offering and the concurrent private placement are expected to close on or about Wednesday.
Write to Chris Wack at chris.wack@wsj.com
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November 22, 2021 at 10:11PM
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China Xiangtai Food Shares Rise 17% After Direct Offering Prices - MarketWatch
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