Urban Tea, Inc. Announces Closing of $4.6 Million Registered Direct Offering
Urban Tea, Inc. - Ordinary Shares (MYT)
Company Research
Source: PR Newswire
NEW YORK, May 31, 2019 /PRNewswire/ -- Urban Tea, Inc. (the "Company") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced today the closing of its previously announced registered direct offering on May 29, 2019 to certain institutional investors of 2,845,000 ordinary shares and warrants to purchase up to 1,809,420 ordinary shares, at a purchase price of $1.62 for one ordinary share and a corresponding warrant, for proceeds of approximately $4.6 million. The warrants will be exercisable immediately following the date of issuance for a period of five years at an exercise price of $1.86 per share.After deducting the placement agent's commission and other offering expenses payable by the Company, the net proceeds to the Company were approximately $4.1 million. The Company intends to use the net proceeds of the offering for general corporate purposes and working capital.The securities described above were being offered by the Company pursuant to a "shel
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