EZGO Technologies Ltd (NASDAQ:EZGO) is trading slightly up in the pre-market session after the news on Wednesday. The stock went up 2% on Tuesday.
EZGO Technologies Ltd. Announces Closing of Upsized $12 Million Registered Direct Offering
- announced that it has closed a registered direct offering of an aggregate of 2,564,102 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary share for aggregate gross proceeds of approximately $12 million. The warrants are exercisable immediately, have an exercise price of $4.68 per share and expire two years from the date of issuance.
- After deducting the placement agent’s commissions and other offering expenses payable by EZGO, the net proceeds to the Company are approximately $10.9 million. EZGO has approximately 13,402,602 ordinary shares outstanding after the offering. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.
- FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Sheppard Mullin LLP acted as counsel to the Placement Agent in connection with the offering.
- The offering was made pursuant to a registration statement on Form F-1 (SEC File No. 333-256311), previously filed with the Securities and Exchange Commission (“SEC”) on May 20, 2021, subsequently amended and declared effective on May 26, 2021, and an additional registration statement on Form F-1 (File No. 333-256525) filed on May 27, 2021 pursuant to Rule 462(b) of the Securities Act of 1933, as amended, which became effective automatically upon filing. A prospectus describing the terms of the offering have been filed with the SEC and is available on the SEC’s website located at www.sec.gov.
Market Action
As of 8:31, EZGO gained 0.72% to $4.22. So far the stock has traded 2.3K shares traded hands.
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