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Addentax Group Corp. (Nasdaq: ATXG) is a diversified investment holding company based in Shenzhen, China. The company operates in several segments including garment manufacturing, logistics services, and property management and subleasing. Garment Manufacturing involves producing apparel for wholesalers, while Logistics Services offers comprehensive delivery and express services across 79 cities in 7 provinces and 2 municipalities in China. The Property Management and Subleasing segment focuses on providing services to clothing wholesalers and retailers, as well as distributing epidemic prevention supplies.
Recent Achievements: Addentax has made significant strides in its AI initiatives. On June 30, 2023, the company launched a collaborative initiative with Games-as-a-Service ("GaaS") firms for the development of AI Online Operational Tools. This project has generated enthusiasm among venture capital firms in the United States and Europe, highlighting its potential in the online gaming landscape.
Additionally, Addentax is negotiating a partnership with an online gaming enterprise in the United States, which would integrate the company's AI tools into the gaming ecosystem. The prototype of these tools is set to launch in September 2023, promising real-time content updates and profitability enhancements.
Current Projects: The company is expanding its AI capabilities through a collaboration with Xi'an University for AI-based content extraction and creation. This partnership aims to enhance the company's Games-as-a-Service offerings. Another collaboration involves Xianglilai Technology for lithium battery technology to enhance logistics operations with sustainable energy solutions.
Financial Condition and Partnerships: Addentax recently entered into Private Placement Agreements with two investors, raising $646,800. The company has also signed Memorandums of Understanding (MOUs) with several firms including Zhongjiu Yihe for brand supply chain development, Tamir for AI and blockchain tools in tourism services, and Regina Miracle International for activewear production.
These collaborations underscore Addentax's commitment to innovation and diversification across various sectors, including AI, logistics, and garment manufacturing. The company's strategic initiatives position it well for future growth, aiming to deliver enduring value to its shareholders.
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Addentax Group Corp. (NASDAQ: ATXG) has announced the formation of a specialized task force to investigate alleged illegal trading activities targeting its stock. The Company suspects that unauthorized sales of a substantial volume of its shares have occurred, potentially as part of a market manipulation scheme aimed at depressing its stock value. In response, Addentax is exploring various actions, including engaging experts to detect fraud and insider trading related to short-selling. The Company is committed to taking legal measures against these activities to protect its shareholders and maintain its stock integrity.
Addentax Group Corp. (Nasdaq: ATXG) announced a securities purchase agreement with accredited investors to issue senior secured convertible notes worth $16,666,666.66 and common stock purchase warrants for up to 16,077,172 shares at an exercise price of $1.25. The net proceeds are expected to total $15 million after discounts. Interest on the notes will accrue at 5% annually, with payments starting June 2023. Proceeds will be used for general corporate purposes including research and development. The issuance is secured by the company's assets.
Addentax Group Corp. (Nasdaq: ATXG) has successfully closed a public offering of 5 million shares at $5.00 per share, raising $25 million in gross proceeds. The offering was conducted on a firm commitment basis, with Network 1 Financial Securities as the sole book runner. This move follows the company's recent listing on the Nasdaq Capital Market on August 31, 2022. Additionally, underwriters have an option to purchase up to 750,000 more shares. This capital will support Addentax's business segments, which include garment manufacturing and logistics services.
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