HK-listed gold stocks jump as US economic fears boost bullion prices
HONG KONG - Wang & Lee Group, Inc. (NASDAQ:WLGS), a company specializing in sustainable infrastructure and resource development, has secured approximately $12 million through a securities purchase agreement with institutional investors. The agreement involves the sale of over 3.5 million ordinary shares at $3.40 each, alongside Series A and B warrants.
The Series A warrants, exercisable immediately upon issuance for five years, allow investors to purchase additional shares at the same price or alternatively pay $0.0001 per warrant for half the shares. Series B warrants, with an exercise price of $0.0001, will become exercisable three days after issuance and are subject to a floor price of $0.95 per share. The exact number of ordinary shares available through Series B warrants will be determined on a future reset date.
Maxim Group LLC is the sole placement agent for the offering, which is expected to close today, subject to customary closing conditions. The offering is made under a shelf registration statement that the U.S. Securities and Exchange Commission declared effective on January 27, 2025.
The prospectus supplement and accompanying prospectus detailing the offering’s terms can be obtained from the SEC’s website or directly from Maxim Group LLC.
Wang & Lee Group operates out of Hong Kong, providing construction services, including the installation of various electrical and mechanical systems. The company caters to a diverse client base, ranging from small startups to large corporations, and offers design and contracting services across the construction industry.
The press release includes forward-looking statements regarding the company’s growth potential and the anticipated benefits of the new capital. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. According to InvestingPro, the stock currently trades at significant multiples, with a P/E ratio of 103.5 and a Price/Book ratio of 17, suggesting investors should carefully consider valuation metrics. For deeper insights into WLGS’s valuation and 12+ additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
Investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s control. The company assumes no obligation to update any forward-looking statements as a result of new information or future events.
This news article is based on a press release statement from Wang & Lee Group, Inc.
In other recent news, Wang & Lee Group, Inc. reported several developments aimed at expanding its sustainable technology initiatives. The company announced the acquisition of SolarHK for HK$15 million, a move designed to enhance its renewable energy projects, including a significant US$100 million solar battery-powered crypto mine in Hong Kong. This acquisition is expected to leverage SolarHK’s regional network and Wang & Lee’s lithium-ion battery technology. Additionally, Wang & Lee Group has entered into a $71 million contract with NQ Marble Pty Ltd in Australia. This contract involves marble exploration and the development of a solar battery crypto farm, utilizing Queensland’s solar resources. The dual-purpose project aims to maximize land use by generating revenue from both marble sales and cryptocurrency mining. In another development, Wang & Lee Group is collaborating with Sino Wealth Limited to build Hong Kong’s first solar-powered cryptocurrency battery farm. This US$100 million project will utilize advanced battery storage and high-efficiency panels to support Hong Kong’s carbon neutrality goals. These recent developments reflect Wang & Lee Group’s commitment to advancing sustainable energy solutions globally.
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