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AirNet Technology Inc. (NASDAQ:ANTE) announced Monday that it has entered into a share purchase agreement with certain investors for a registered direct offering of 80,826,225 ordinary shares and accompanying warrants. The combined purchase price is $2.227 per ordinary share and accompanying warrant, with expected gross proceeds of approximately $180 million before offering expenses.
According to a press release statement, the offering is scheduled to close on Wednesday, subject to customary closing conditions. Each warrant will be exercisable immediately at an initial price of $3.3405 per share and will expire on August 27, 2030. Warrant holders are subject to ownership limitations of 4.99% or 9.99% of the company’s outstanding ordinary shares, at their election, immediately after exercise.
The securities are being offered under AirNet’s effective registration statement on Form F-3, originally filed with the U.S. Securities and Exchange Commission on May 10, 2024.
Legal opinions regarding the validity of the shares and warrants are provided by Conyers Dill & Pearman LLP and Cooley LLP, respectively.
This information is based on a statement provided in an SEC filing.
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