AnPac Bio-Medical Science Shares Rise 12% After Investment Agreements
By Chris Wack
AnPac Bio-Medical Science Co. Ltd. shares were up 12% to $8.15 after the company said that in December and January, it signed definitive investment agreements with several third party investors.
The company said investors agreed to buy 29.7 million newly issued Class A ordinary shares at 17.5 cents a share, for a total purchase price of $5.2 million.
The closing is expected to take place within 30 days after signing.
Concurrently, for each Class A share purchased, the investors will receive two warrants, with each warrant to buy one Class A share at 21 cents a share. The warrants will be exercisable within two years from the date of issuance.
AnPac Bio-Medical Science expects to use the proceeds for its business-to-business Asian food e-commerce and Asian food supply chain construction.
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