Urban Tea, Inc. Announces Pricing of Approximately $4.6 Million Registered Direct Offering
Urban Tea, Inc. - Ordinary Shares (MYT)
Company Research
Source: PR Newswire
NEW YORK, May 24, 2019 /PRNewswire/ -- Urban Tea, Inc. (the "Company") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced today it has entered into a securities purchase agreement with certain institutional investors to purchase approximately $4.6 million worth of its ordinary shares and warrants to purchase ordinary shares in a registered direct offering.Under the terms of the securities purchase agreement, the Company has agreed to sell 2,845,000 ordinary shares and to issue warrants to purchase up to 1,809,420 ordinary shares. 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. The purchase price for one ordinary share and a corresponding warrant will be $1.62. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $4.6 million before deducting the placement agent's fees and other estimated offering expense
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