Tantech Holdings Ltd. Announces the Closing of a Registered Direct Placement for $6.5 Million of Common Stock and Warrants
LISHUI, China, Sept. 29, 2017 /PRNewswire/ — Tantech Holdings Ltd. (TANH) (“Tantech” or the “Company”), a leading clean energy company in China, today announced that it closed on September 29, 2017 a previously announced securities purchase agreement with certain institutional investors, raising approximately $6.5 million from selling its common stock at a price of $3.45 per share. After deducting offering expenses, the net proceeds will be used for general working capital purposes.
The Company issued a total of 1,891,307 common shares to institutional investors. As part of the transaction, the Company also issued to the investors warrants for the purchase of up to 945,655 common shares at an exercise price of $4.25 per share, which warrants have a term of 5-year from the date of issuance.
FT Global Capital acted as the exclusive placement agent for the transaction.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. 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 registration or qualification under the securities laws of any such state or jurisdiction.