Ready for Takeoff? Tantech Holdings Ltd (NASDAQ:TANH) Announces Private Placement

Tantech Holdings Ltd (NASDAQ:TANH) moved lower in the early session on Friday. The stock has lost 50% over the past 3 months. Will it rebound?.

Market Action

As of 9:50, TANH stock is down  by 1.72% to trade at $1.14. So far more than 1.20 million shares have exchanged hands. The stock has witnessed a total volume with 191K shares, compared to its average volume of 990K. The stock has moved within a range of $1.1100 – 1.1700after opening the trade at $1.1519.

Tantech Announces a US$7.0 Million Private Placement

  • announced that it has agreed to sell 5,380,000 of the Company’s common shares (the “Shares”) to various purchasers (the “Purchasers”) in a private placement transaction (the “Private Placement”) at US$1.30 per share for US$ $6,994,000.  The Company intends to use the net proceeds from the Private Placement for general corporate and working capital needs. The Private Placement is expected to close on or before June 11, 2021, subject to satisfaction of customary closing conditions.
  • 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 Purchasers 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. 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 the Shares 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.

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