LISHUI, China,
March 24,
2023 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ:
TANH) ("Tantech" or the "Company"), a clean energy company in
China, today announced that it has closed a private
placement transaction, in which the Company sold to individual
purchasers an aggregate of 1,000,000 common shares, par value
$0.24 per share (the "Shares"), at a
price of $2.8 per share for aggregate
gross proceeds of $2.8 million. The
Company intends to use the proceeds from this offering for working
capital and general corporate purposes.
On February 21, 2023, the Company
entered into a securities purchase agreement with non-U.S.
individual purchasers (the "Purchasers") for the aforementioned
placement offering. The Shares were sold in transactions exempt
from registration under the Securities Act of 1933, as amended, in
reliance on Regulation S thereunder. Each of the Purchasers
understands that the Shares have not been registered under the
Securities Act and such Purchasers may not sell or otherwise
dispose of the Shares without registration under the Securities Act
and under applicable state securities or "Blue Sky" laws, or
pursuant to an exemption therefrom.
For a more complete description of the private placement
offering, please see the Company's current report on Form 6-K to be
filed with the Securities and Exchange Commission.
About Tantech Holdings Ltd
For the last two decades, Tantech has been a leading high-tech
enterprise pioneering and specializing in producing, researching
and developing products based on bamboo charcoals with a
well-established domestic and international sales and distribution
network. Tantech expanded into the clean vehicle industry in 2017
through acquiring 70% shares of Shangchi Automobile. In
November 2020, Tantech established
two additional subsidiaries, Lishui Smart New Energy Automobile
Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to
produce and market electric vehicles, including automatic
high-speed street sweepers and others. The Company's subsidiary,
First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial
factoring for businesses in and related to its supply chain.
Tantech has recently expanded its operation into international
markets. In May and July 2022, the
Company established wholly-owned subsidiaries, EPakia Inc. and
EPakia Canada Inc., in the United
States and Canada to
develop biodegradable packaging business in the North American and
other international markets. The Company is fully ISO 90000 and ISO
14000 certified and has received numerous national, provincial and
local honors, awards and certifications for its products and
scientific research efforts. For more information, please visit:
http://ir.tantech.cn.
Forward-Looking Statements
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning the sales,
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
Company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof, except as expressly required by applicable laws.
For more information, please contact:
Tantech Holdings Ltd
Purchaser
Relations
Tel: +86 (578) 226-2305
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SOURCE Tantech Holdings Ltd.
