BEIJING, June 07, 2021 /PRNewswire/ -- TIAN RUIXIANG
Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker, announced today
the initial closing of its previously announced best-effort
follow-on public offering for the sale of up to 4,800,000 units
offered by the Company at a purchase price of US$7.50 per unit. The initial closing of
2,000,000 units for aggregate gross proceeds of US$15 million, was made pursuant to the terms of
a Securities Purchase Agreement between the Company and several
institutional investors, dated June 2,
2021. Each unit consists of one Class A ordinary share of
the Company, and one warrant to purchase one Class A ordinary share
of the Company. Each warrant has an exercise price of US$8.00 per Class A ordinary share. The Company
may sell additional units to these institutional investors in one
or more additional closings on the same terms as the units
purchased at the initial closing until the earlier of the sale of
the maximum number of 4,800,000 units and the termination of the
offering by July 17, 2021, unless
amended.
The Company intends to use the net proceeds from the offering
primarily for: (i) building an information data platform; (ii)
building its intelligent customer service system; (iii)
establishing a "key customers" department; (iv) product research
and development; and (v) general corporate purposes.
Univest Securities, LLC acted as the exclusive placement agent
for the offering pursuant to a placement agent agreement.
Hunter Taubman Fischer & Li LLC
served as counsel to the Company, and Sullivan & Worcester LLP
served as counsel to Univest Securities, LLC in connection with the
offering.
The units, and the Class A ordinary shares and warrants included
in the units and Class A ordinary shares underlying the warrants,
are being offered pursuant to effective registration statements on
Form F-1 (SEC File Nos. 333-256574 and 333-256734), as amended,
that were filed with the Securities and Exchange Commission (the
"SEC") and declared effective by the SEC on June 2, 2021, and June 3,
2021, respectively. Copies of the final prospectus filed
with the SEC in connection with the offering may be obtained on the
SEC's website at http://www.sec.gov. The units are being offered
only by means of such prospectus. Electronic copies of the final
prospectus may also be obtained, from Univest Securities, LLC, by
email at IBAssistDesk@univest.us or standard mail to Univest
Securities, LLC, Attn: 375 Park Avenue, 15th Floor, New York, NY 10152.
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
these 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.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker
operating in China. It distributes
a wide range of insurance products, which are categorized into two
major groups: (1) property and casualty insurance, such as
automobile insurance, commercial property insurance, liability
insurance; and (2) life insurance, such as individual and group
life insurances. For more information, visit the company's website
at http://ir.tianrx.com/.
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 and 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. 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. These forward looking statements include
statement regarding the sale of additional units in additional
closings, the termination of the offering and the anticipated use
of proceeds. These forward-looking statements are made only as of
the date indicated, and the Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or 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, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
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SOURCE TIAN RUIXIANG Holdings Ltd