AirNet Completes Private Placement of US$5.7 million

Rhea-AI Summary

AirNet Technology Inc. (Nasdaq: ANTE) has completed a private placement of 3,372,788 ordinary shares for US$5.7 million with certain investors. The shares have not been registered under the Securities Act of 1933 and may not be transferred without proper registration or exemption.

Insights

Financial Analyst

The closing of a private placement at 5.7 million signifies a significant capital infusion for AirNet Technology Inc. Such an injection of funds is often utilized for accelerating growth, funding new ventures, or improving the balance sheet. However, this comes at the cost of shareholder dilution. Considering the par value of 0.04 per share and the volume of shares issued, investors should assess the dilution's magnitude relative to the total number of shares outstanding. Moreover, the absence of registration implies a restriction on the liquidity of these shares, which might impact their valuation from the investor's perspective.

Securities Compliance Expert

From a regulatory standpoint, the fact that these shares are unregistered is critical. Investors should be aware that unregistered shares come with certain resale restrictions which can affect liquidity. The requirement for a registration statement or an exemption for the transfer of shares underscores the private nature of this placement. Prospective investors and current shareholders should understand that this particular capital raise mechanism is typically undertaken by companies outside of public markets to secure funding without the immediate regulatory scrutiny and costs associated with public offerings.

BEIJING, April 18, 2024 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that it completed a private placement of 3,372,788 ordinary shares of the Company with par value of US$0.04 per share (each a "Share") for an aggregate subscription amount of US$5.7 million with certain investors.

The Shares have not been registered under the Securities Act of 1933, as amended, or under the securities laws of any state. Accordingly, the Shares may not be transferred, sold or offered for sale in the absence of an effective registration statement, or an exemption or qualification under applicable securities laws.

View original content:https://www.prnewswire.com/news-releases/airnet-completes-private-placement-of-us5-7-million-302120420.html

SOURCE AirNet Technology Inc.

FAQ

What is the recent announcement made by AirNet Technology Inc. (ANTE)?

AirNet Technology Inc. (ANTE) completed a private placement of 3,372,788 ordinary shares for US$5.7 million with certain investors.

How many shares were involved in the private placement by AirNet Technology Inc. (ANTE)?

3,372,788 ordinary shares were involved in the private placement by AirNet Technology Inc. (ANTE).

What was the total amount raised through the private placement by AirNet Technology Inc. (ANTE)?

AirNet Technology Inc. (ANTE) raised US$5.7 million through the private placement.

Are the shares involved in the private placement registered under the Securities Act of 1933?

No, the shares involved in the private placement by AirNet Technology Inc. (ANTE) have not been registered under the Securities Act of 1933.