Tantech Holdings Ltd. Completes $8 million Private Placement
Tantech Holdings Ltd. (TANH) has completed a $7,957,100 private placement of its common stock to five strategical investors.
Pursuant to a securities purchase agreement executed on March 1, 2016, the Company issued and sold 1,693,000 shares of its common stock 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 10% discount over the closing price of $5.30 on February 29, 2016, and an about 9% discount over the MA20 price of $5.17. 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.
ViewTrade Securities, Inc., a global provider of brokerage, investment banking, corporate/advisory and trading platform services, acted as Tantech’s advisor.