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Cheetah Net Supply Chain Service announced the closing of its follow-on public offering, raising $8.19 million by selling 13,210,000 shares of Class A common stock at $0.62 per share.
The company plans to use the net proceeds to fund working capital and enhance its warehousing and logistics services. The offering was facilitated by AC Sunshine Securities and was conducted under two registration statements filed with the SEC, effective April 26, 2024, and May 13, 2024, respectively.
Cheetah Net Supply Chain Service, a supplier of parallel-import vehicles and logistic services, announced the pricing of a follow-on public offering of 13,210,000 shares of Class A common stock at $0.62 per share, totaling $8.19 million in gross proceeds. The offering is expected to close on May 15, 2024, contingent upon customary closing conditions. The proceeds will be used to fund working capital and develop warehousing and logistics services. AC Sunshine Securities is the sole placement agent. The registration statement was declared effective on April 26, 2024, with additional filings on May 13, 2024.
Cheetah Net Supply Chain Service Inc. reported challenging market conditions in the People's Republic of China, leading to a significant decline in revenue for the first quarter of 2024. The company sold 13 vehicles compared to 82 in the same period of 2023, resulting in a net loss of $0.6 million. Cheetah acquired Edward Transit Express Group to expand its warehousing and logistics services, generating $60,000 in revenue. Despite the current economic conditions, the company remains focused on executing sales that generate favorable margins.