Wang & Lee Group prices 3.53M shares at $3.40 in registered direct offering

TipRanks

Tue, Mar 25, 2025, 6:05 AM 2 min read

Wang & Lee Group entered into a securities acquisition statement with definite organization investors for the acquisition and merchantability of 3,529,400 mean shares astatine a acquisition terms of $3.40 per mean share, unneurotic with Series A warrants to acquisition up to 3,529,400 mean shares astatine an workout terms of $3.40 per mean stock and Series B warrant. The Series A warrants whitethorn beryllium exercised connected an alternate ground pursuant to which the holder whitethorn wage $0.0001 per warrant successful speech for 0.5 times the fig of mean shares they would person upon a modular exercise. The Company is besides issuing Series B warrants with an archetypal workout terms of $0.0001 per mean stock to acquisition up to a fig of mean shares adjacent to the Maximum Eligibility Number, arsenic volition beryllium determined connected the Reset Date, taxable to the $0.95 level terms per share. The Series A warrants volition beryllium exercisable upon issuance and volition person a word of 5 years from the day of issuance. The Series B Warrants volition beryllium exercisable 3 trading days aft issuance and shall stay exercisable until exercised successful full. Maxim Group is acting arsenic the sole placement cause for the offering. The gross proceeds to the Company from the registered nonstop offering are estimated to beryllium astir $12,000,000 earlier deducting the placement agent’s fees and different estimated offering expenses payable by the Company. The offering is expected to adjacent connected oregon astir March 24, 2025, taxable to the restitution of customary closing conditions.

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