ANPC - AnPac Bio-Medical Science to raise $5M in stock offering

2023-03-06 08:51:12 ET

• AnPac Bio-Medical Science ( NASDAQ: ANPC ) entered into definitive investment agreements with certain accredited investors in a private placement transaction wherein the company agreed to issue and sell 16.7M newly issued Class A ordinary shares, at $0.30/share, or $6/ADS (1:20 ADS-to-share ratio), for purchase price of $5M.
• Closing of the sale of securities is expected to occur late March.
• Net proceeds to be used for working capital and the expansion of its business-to-business Asian food e-commerce business in the U.S.
• Shares trading 7.2% down premarket.

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