Jiuzi Holdings Inc. Announces Pricing of $2.3 Million Registered Direct Offering
17 July 2023 - 10:16PM
Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading
new energy vehicle (NEV) dealership group operating under the brand
name "Jiuzi" in China, today announced that it entered into a
securities purchase agreement with certain institutional investors
to purchase $2.3 million worth of its ordinary shares in a
registered direct offering.
Under the terms of the securities purchase
agreement, the Company has agreed to sell an aggregate of $2.3
million ordinary shares and/or pre-funded warrants in a registered
direct offering. The purchase price per ordinary share is $1.65 and
the purchase price for the pre-funded warrants is identical to the
purchase price for ordinary shares, less the exercise price of
$0.01 per share.
The gross proceeds to the Company from the
registered direct offering are estimated to be approximately $2.3
million, before deducting the placement agent's fees and other
estimated offering expenses. The offering is expected to close on
or about July 19, 2023, subject to the satisfaction of customary
closing conditions.
Spartan Capital Securities LLC, is acting as
exclusive placement agent for the offering.
The proposed offering of the ordinary shares and
pre-funded warrants described above is being offered by the Company
pursuant to a "shelf" registration statement on Form F-3 (File No.
333- 267617) filed with the Securities and Exchange Commission
("SEC") and declared effective by the SEC on December 14, 2022, and
the accompanying prospectus contained therein.
The offering is being made only by means of a
prospectus supplement and accompanying prospectus. A prospectus
supplement describing the terms of the public offering will be
filed with the SEC and will form a part of the effective
registration statement. When available, copies of the
prospectus supplement relating to the registered direct offering,
together with the accompanying prospectus, can be obtained at the
SEC's website at www.sec.gov or from Spartan Capital Securities,
LLC, 45 Broadway, New York, NY 10006 or telephone at (877)
772-7818.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered
in Hangzhou, China, and established in 2017, franchises and
operates retail stores under the brand name "Jiuzi" to sell New
Energy Vehicles ("NEVs") in third and fourth-tier cities
in China. The Company mainly sells battery-operated electric
vehicles and sources NEVs through more than twenty NEV
manufacturers. It has 51 operating franchise stores and one
company-owned store. For more information, visit the Company's
website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of
historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties. They are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs, including the expectation that the Offering will be
completed. Investors can identify these forward-looking statements
by words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent events, circumstances, or changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct. The Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review the
“Risk Factor” section of the Company’s registration statement and
last annual report on form 20-F and in other filings made by the
Company with the U.S. Securities and Exchange Commission since the
filing of such 20-F as these factors may affect its future
results.
For more information, please
contact:
Stephen Tong
Email: jiuzi@mana-ir.com
SOURCE Jiuzi Holdings, Inc.
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