Univest Securities, LLC Announces Closing of $10 Million Registered Direct Offering for its Client GD Culture Group Limited (NASDAQ: GDC)
04 November 2023 - 7:30AM
Univest Securities, LLC (“Univest”), a member of FINRA and SIPC,
and a full-service investment bank and securities broker-dealer
firm based in New York, today announced the closing of registered
direct offering (the “Offering”) of 1,436,253 shares of the common
stock, par value $0.0001 per share (the “Shares”), and pre-funded
warrants to purchase up to 1,876,103 shares of the common stock
(the “Pre-funded Warrants”) at a purchase price of $3.019 per share
for its client GD Culture Group Limited (NASDAQ: GDC) (“GDC” or the
“Company”), a holding company currently conducting business through
Shanghai Xianzhui Technology Co., Ltd. (“Shanghai Xianzhui”) and AI
Catalysis Corp. (“AI Catalysis”). The purchase price for the
Pre-funded Warrants was identical to the purchase price for Shares,
less the exercise price of $0.001 per share.
The Company issued to the same investors
warrants (the “Warrants”) to purchase up to 3,312,356 shares of
common stock at an exercise price of $3.019 per share. The Warrants
will have a 5-year term from the date of issuance.
The aggregate gross proceeds to the Company were
approximately $10 million.
Univest Securities, LLC acted as the sole
placement agent.
The Shares, the Pre-funded Warrants, and the
Warrants have been registered and the offering was made pursuant to
a shelf registration statement on Form S-3 (File No. 333-254366)
previously filed and declared effective by the U.S. Securities and
Exchange Commission (“SEC”) on March 26, 2021. A final prospectus
supplement and accompanying prospectus describing the terms of the
proposed offering were filed with the SEC and are available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the final prospectus supplement and the accompanying prospectus may
be obtained, by contacting Univest Securities, LLC at
info@univest.us, or by calling +1 (212) 343-8888.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of such securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction.
Copies of the prospectus supplement relating to the registered
direct offering, together with the accompanying base prospectus,
can be obtained at the SEC's website at www.sec.gov.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
About GD Culture Group
Limited
GD Culture Group Limited (the “Company”)
(Nasdaq: GDC), is a Nevada holding company currently conducting
business through its subsidiaries, Shanghai Xianzhui Technology
Co., Ltd. (“Shanghai Xianzhui”) and AI Catalysis Corp. (“AI
Catalysis”). The company plans to enter into the livestreaming
market with focus on e-commerce and livestreaming interactive games
through its wholly owned U.S. subsidiary, AI Catalysis, a Nevada
corporation incorporated in May 2023. The Company’s main businesses
include AI-driven digital human technology, live-streaming
e-commerce business and live streaming interactive game. For more
information, please visit the Company's website at
https://www.gdculturegroup.com/.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may, “will, “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company’s filings with the SEC, which
are available for review at www.sec.gov. Univest Securities LLC and
the Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Univest Securities, LLCEdric
GuoChief Executive Officer75 Rockefeller
Plaza, Suite 18CNew York, NY 10019Phone: (212) 343-8888Email:
info@univest.us
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