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AnPac Bio-Medical Science Co., Ltd. (the "Company") (NASDAQ:ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection and a business-to-business food e-commerce company, announced that in December 2022 and January 2023, the Company signed definitive investment agreements with several third party investors. The investors agreed to purchase 29,714,279 newly issued Class A ordinary shares (1,485,714 American Depositary Shares or "ADSs") of the Company at a price of US$0.175 per ordinary share or US$3.50 per ADS (1:20 ADS-to-share ratio), for a total purchase price of US$5.2 million. The closing is expected to take place within 30 days after signing. Concurrently, for each Class A ordinary share purchased, the investors will receive two warrants with each warrant to purchase one Class A ordinary share at an exercise price of US$0.21 per ordinary share (2,971,428 ADS an at exercise price of US$4.20 per ADS). The warrants will be exercisable within 2 years from the date of issuance.
The Company expects to use the proceeds for its business-to-business Asian food e-commerce and Asian food supply chain construction.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company.
Posted In: ANPC
