HANGZHOU, China - Nano Labs Ltd (NASDAQ:NA), a prominent fabless integrated circuit design firm in China, announced today that it has entered into a securities purchase agreement with certain institutional investors.
The agreement outlines the sale of 4,347,825 Class A ordinary shares and warrants to purchase up to an additional 6,521,737 ordinary shares in a combined registered direct offering and concurrent private placement.
The effective combined offering price for each ordinary share and accompanying warrant is set at $1.15. These warrants are immediately exercisable, with an expiration five years from the date of an effective registration statement and an exercise price of $1.265 per share.
Nano Labs anticipates the gross proceeds from this offering to be roughly $5.0 million before accounting for the placement agent's fees and other estimated offering expenses.
The closing of the offering is scheduled for on or about April 15, 2024, contingent upon the satisfaction of customary closing conditions. Maxim (NASDAQ:MXIM) Group LLC is serving as the exclusive placement agent for the offering.
The ordinary shares are being offered pursuant to a shelf registration statement on Form F-3, which the U.S. Securities and Exchange Commission (SEC) declared effective on September 1, 2023. The warrants and the shares issuable upon their exercise, offered in the private placement, have not been registered under the Securities Act of 1933, as amended, and are being offered under an exemption from registration.
Nano Labs, specializing in high throughput computing, high performance computing chips, and other distributed computing solutions, has developed a comprehensive flow processing unit architecture that integrates features of both high throughput and high performance computing.
This announcement outlines the company's financial moves and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of a prospectus supplement and accompanying prospectus, details of which can be obtained from the SEC's website or directly from Maxim Group LLC.
The information in this article is based on a press release statement from Nano Labs Ltd.
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