SoFi CEO enters prepaid forward contract on 1.5 million shares
Quhuo Limited (NASDAQ:QH) announced Tuesday that it has entered into a sales agreement with AC Sunshine Securities LLC to offer and sell up to $50 million of its American Depositary Shares (ADSs) through an at-the-market (ATM) equity offering program. Each ADS represents 900 Class A ordinary shares of the company.
According to a statement in the SEC filing, the agreement allows Quhuo to issue and sell ADSs from time to time through AC Sunshine Securities LLC as its sales agent. The shares will be offered pursuant to the company’s shelf registration statement on Form F-3, which was declared effective by the Securities and Exchange Commission on November 22, 2023.
Quhuo is not obligated to sell any ADSs under the agreement, and the sales agent is not required to purchase any shares on a principal basis unless separately agreed in writing. The sales agent will use commercially reasonable efforts to sell the shares in accordance with instructions from Quhuo, including any specified price, time, or size limits. The sales may be made by any method permitted by law that qualifies as an “at the market offering” under SEC rules.
For each sale, Quhuo will pay the sales agent a commission equal to 3% of the aggregate gross proceeds. The company has also agreed to reimburse up to $90,000 in certain expenses incurred by the sales agent and to provide customary indemnification and contribution rights.
The company’s filing states that the ATM offering does not constitute an offer to sell or a solicitation to buy in any jurisdiction where such an offer or sale would be unlawful.
This information is based on a statement in a press release filed with the Securities and Exchange Commission.
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