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Nova Lifestyle, Inc. (NASDAQ:NVFY), currently trading at $5.36 and sporting a market capitalization of $183.5 million, announced Monday that it has entered into a Securities Purchase Agreement with certain purchasers for the sale of 3,708,500 shares of its common stock at a price of $3.78 per share. The transaction is expected to generate gross proceeds of approximately $14,018,130 before deducting offering expenses. The stock has shown remarkable momentum, with a 660% surge over the past six months according to InvestingPro data.
According to the statement, the shares are being offered and sold in a registered direct offering pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission on October 13, 2023 and declared effective on October 23, 2023.
The company stated that the terms of the Securities Purchase Agreement are detailed in the filing’s exhibits. Nova Lifestyle is incorporated in Nevada and is listed on the Nasdaq Stock Market under the symbol NVFY.
This information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Nova LifeStyle, Inc. announced the pricing of its public offering, aiming to raise approximately $8.71 million. The offering includes up to 9,522,393 shares of common stock, each paired with two warrants, priced at $0.915 per share. The warrants, which allow the purchase of additional shares at $1.098 each, will be valid for five years. Additionally, Nova LifeStyle disclosed that its subsidiary, Nova Furniture Limited, has entered into a subscription agreement with Preamble Capital, investing $5.66 million in a fund with SpaceX share exposure. This investment grants Nova Furniture Limited a 99.815% interest in the fund, with no management fee involved. These developments reflect Nova LifeStyle’s strategic financial maneuvers in the current market.
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