Code Chain New Continent Limited Announces Proposed Underwritten Public Offering of Common Stock and Warrants

Rhea-AI Summary

Code Chain New Continent Limited (NASDAQ: CCNC) announced a proposed underwritten public offering of common stock and warrants. The proceeds will be used to acquire cryptocurrency mining equipment and for working capital. The offering, led by Aegis Capital Corp., is subject to market conditions, and details will be outlined in a preliminary prospectus to be filed with the SEC. This follows the effective shelf registration statement (No. 333-254366) dated March 26, 2021. The offering does not constitute a sale in jurisdictions where it would be unlawful.

Positive

• Intended use of proceeds for acquiring cryptocurrency mining equipment may enhance operational capabilities.
• Potential to strengthen working capital and support general corporate purposes.

Negative

• The offering could lead to shareholder dilution depending on the number of shares issued.
• Market conditions may affect the completion and terms of the offering.

NEW YORK, Dec. 9, 2021 /PRNewswire/ -- Code Chain New Continent Limited (the "Company," or "Code Chain" or "We") (NASDAQ: CCNC), a vertically integrated cryptocurrency miner, today announced that it intends to offer shares of common stock and warrants to purchase common stock in a proposed underwritten public offering. The Company intends to use the net proceeds to purchase cryptocurrency mining equipment and for working capital and general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-254366) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on March 26, 2021. A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Code Chain New Continent Limited

Code Chain New Continent Limited engages in the research, design, and development of electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system, and identity information using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered with. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning. The Company has recently diversified its business into the mining of digital currency and is committed to becoming a vertically integrated cryptocurrency miner.

Safe Harbor Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on 10-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

Investor Contact:

Code Chain New Continent Limited 
alexander@usccnc.com

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SOURCE Code Chain New Continent Limited

FAQ

What is the proposed public offering by Code Chain New Continent Limited (CCNC)?

Code Chain New Continent Limited plans to offer common stock and warrants to purchase common stock as part of a proposed underwritten public offering.

When was the shelf registration statement for CCNC's offering effective?

The shelf registration statement for Code Chain New Continent Limited was declared effective by the SEC on March 26, 2021.

What will the proceeds from CCNC's offering be used for?

The proceeds from the offering will be used to purchase cryptocurrency mining equipment and for working capital and general corporate purposes.

Who is managing the public offering for CCNC?

Aegis Capital Corp. is acting as the sole book-running manager for Code Chain's public offering.

Are there risks associated with Code Chain's proposed offering?

Yes, there are risks, including potential shareholder dilution and uncertainties related to market conditions affecting the offering's completion.