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CIMG Inc. (NASDAQ:IMG) disclosed Wednesday that it has entered into a securities purchase agreement with certain non-U.S. investors for a private placement of 220,000,000 shares of its common stock. The agreement, signed Monday, provides for an aggregate consideration of $55,000,000, to be paid in bitcoin, at a purchase price of $0.25 per share.
According to the company’s statement, the closing of the transaction is expected to occur on or before September 2, 2025, subject to customary closing conditions. Upon closing, CIMG Inc. will issue 148,100,000 shares of common stock to the investors following receipt of the respective purchase amounts. The remaining 71,900,000 shares will be issued after the company amends its Articles of Incorporation to increase the number of authorized common shares.
Immediately following the closing of the purchase agreement, the company will have a total of 36,397,418 shares of common stock issued and outstanding.
The private placement was conducted in reliance on the registration exemptions of Regulation S, which allows for offerings to non-U.S. investors.
This information is based on a statement from the company included in its Form 8-K filing with the Securities and Exchange Commission.
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