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BEIJING - AirNet Technology Inc. (NASDAQ:ANTE), currently valued at $10.75 million in market capitalization, announced Friday it has entered into a definitive agreement with investors for a registered direct offering expected to raise approximately $180 million in gross proceeds. The stock has experienced significant volatility, dropping 18.5% in the past week despite a remarkable 193% gain over the last six months.
The offering consists of 80,826,225 ordinary shares and accompanying warrants to purchase an equal number of shares at a combined purchase price of $2.227 per ordinary share and warrant. The warrants will be immediately exercisable at $3.3405 per share and expire five years from issuance. According to InvestingPro analysis, the company currently shows signs of financial stress with a current ratio of 0.33, indicating short-term obligations exceed liquid assets.
The transaction is expected to close around August 27, 2025, subject to customary closing conditions. AirNet plans to use the net proceeds for general corporate and working capital purposes.
The securities are being offered pursuant to an effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission on May 10, 2024, and declared effective on May 31, 2024.
This announcement is based on a press release statement from the company. The offering represents a significant capital raise for AirNet, which is listed on the Nasdaq exchange.
In other recent news, AirNet Technology Inc. has announced several significant developments. The company has filed materials related to an upcoming extraordinary shareholder meeting, although the specific date and agenda items have not been disclosed. Additionally, AirNet Technology has appointed Vikram Seth as Fractional Chief Investment Officer to lead its strategic investments in Web3 and cryptocurrency initiatives. Seth will oversee the company’s digital asset treasury and execute investment strategies. Furthermore, Professor Yu Xiong has been named Chief Research and Innovation Advisor to guide AirNet’s transformation toward Web3 and cryptocurrency efforts. The company has also regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price of $1.00 or higher for ten consecutive business days. These recent developments highlight AirNet Technology’s strategic focus on digital assets and compliance with market regulations.
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