Cheetah Net Supply Chain Service Inc. Announces Closing of $1.49 Million Follow-on Public Offering
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a warehousing and logistics services provider, has closed its follow-on public offering of 6,479,663 shares of Class A common stock, raising approximately $1.49 million in gross proceeds. The company plans to use the net proceeds for working capital and general corporate purposes. FT Global Capital, Inc. acted as the exclusive placement agent for the offering, which was made pursuant to a registration statement declared effective by the SEC on July 15, 2024. The final prospectus was filed on July 26, 2024, and is available on the SEC's website.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un fornitore di servizi di magazzinaggio e logistica, ha chiuso la sua offerta pubblica secondaria di 6.479.663 azioni di azioni comuni di Classe A, raccogliendo circa 1,49 milioni di dollari in proventi lordi. L'azienda prevede di utilizzare i proventi netti per capitale circolante e scopi aziendali generali. FT Global Capital, Inc. ha agito come agente di collocamento esclusivo per l'offerta, che è stata effettuata in base a una dichiarazione di registrazione dichiarata efficace dalla SEC il 15 luglio 2024. Il prospetto finale è stato depositato il 26 luglio 2024 ed è disponibile sul sito web della SEC.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un proveedor de servicios de almacenamiento y logística, ha cerrado su oferta pública adicional de 6,479,663 acciones de acciones comunes Clase A, recaudando aproximadamente 1.49 millones de dólares en ingresos brutos. La empresa planea utilizar los ingresos netos para capital de trabajo y propósitos corporativos generales. FT Global Capital, Inc. actuó como el agente de colocación exclusivo para la oferta, la cual se realizó conforme a una declaración de registro declarada efectiva por la SEC el 15 de julio de 2024. El prospecto final se presentó el 26 de julio de 2024 y está disponible en el sitio web de la SEC.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), 물류 및 창고 서비스 제공업체가 6,479,663주의 A 클래스 보통주에 대한 후속 공개 제안을 종료했습니다, 약 149만 달러의 총 수익을 올렸습니다. 이 회사는 순수익을 운전 자본 및 일반적인 회사 용도에 사용할 계획입니다. FT Global Capital, Inc.는 이 제안의 전속 배치 에이전트로 활동했으며, 이 제안은 2024년 7월 15일 SEC에 의해 효력이 발생한 등록 명세서에 따라 이루어졌습니다. 최종 청구서는 2024년 7월 26일 제출되었으며 SEC 웹사이트에서 확인할 수 있습니다.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un fournisseur de services d'entreposage et de logistique, a clôturé son offre publique supplémentaire de 6 479 663 actions ordinaires de Classe A, levant environ 1,49 million de dollars de produits bruts. L'entreprise prévoit d'utiliser le produit net pour le fonds de roulement et des fins corporatives générales. FT Global Capital, Inc. a agi en tant qu'agent de placement exclusif pour l'offre, qui a été réalisée en vertu d'une déclaration d'enregistrement déclarée efficace par la SEC le 15 juillet 2024. Le prospectus final a été déposé le 26 juillet 2024 et est disponible sur le site Web de la SEC.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), ein Anbieter von Lager- und Logistikdienstleistungen, hat seinen folgenden öffentlichen Angebotsabschluss von 6.479.663 Aktien der Classe A Stammaktien abgeschlossen und dabei ungefähr 1,49 Millionen Dollar Bruttoerlös erzielt. Das Unternehmen plant, die Nettoerlöse für Betriebs- und allgemeine Unternehmenszwecke zu verwenden. FT Global Capital, Inc. fungierte als exklusiver Platzierungsagent für die Emission, die gemäß einer von der SEC am 15. Juli 2024 als wirksam erklärten Registrierungsanmeldung durchgeführt wurde. Der endgültige Prospekt wurde am 26. Juli 2024 eingereicht und ist auf der Website der SEC verfügbar.
- Raised $1.49 million in gross proceeds through a follow-on public offering
- Funds to be used for working capital and general corporate purposes
- Successful closing of the offering indicates investor interest
- Potential dilution of existing shareholders' ownership due to the issuance of new shares
- Additional expenses related to the offering may impact net proceeds
Cheetah Net Supply Chain Service Inc.'s recent
The company's intention to use the proceeds for working capital and general corporate purposes, rather than specific growth initiatives, raises questions about its current financial health and operational efficiency. This non-specific use of funds might be viewed cautiously by investors looking for clear growth strategies.
It's worth noting that Cheetah Net's business model, focusing on parallel-import vehicles and logistics between the U.S. and China, may be subject to geopolitical risks and trade tensions. The recent pivot to transporting other goods suggests a potential diversification strategy, but the success of this shift remains to be seen.
Investors should closely monitor the company's upcoming financial reports to assess the impact of this capital raise on its balance sheet and operational performance. The involvement of FT Global Capital as the exclusive placement agent for such a small offering might indicate interest from larger, more established investment banks, which could be a red flag for potential investors.
The logistics and supply chain sector has been facing significant challenges globally, including disruptions due to the COVID-19 pandemic, geopolitical tensions and shifting trade patterns. Cheetah Net's focus on U.S.-China trade flows places it in a particularly volatile market segment.
The company's recent expansion from parallel-import vehicles to other goods indicates an attempt to diversify revenue streams and reduce dependence on a single product category. This move could potentially open up new opportunities but also exposes the company to increased competition in the broader logistics market.
The timing of this follow-on offering, coming shortly after the company's initial public offering, suggests that Cheetah Net may be struggling to meet its capital needs through operational cash flows. This could be a result of market pressures, increased costs, or slower-than-expected growth in its core business.
Investors should consider the broader market trends in U.S.-China trade relations and the potential impact of any policy changes on Cheetah Net's business model. The company's ability to navigate these challenges and successfully diversify its services will be important for its long-term viability in the competitive logistics industry.
CHARLOTTE, N.C., July 26, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the “Company”) (NASDAQ: CTNT), a provider of warehousing and logistics services, historically in connection with the sale of parallel-import vehicles sourced in the U.S. to be sold in the PRC market, and more recently for the transportation of other goods between the U.S. and the PRC, today announced the closing of its follow-on offering of 6,479,663 shares of Class A common stock of approximately
Cheetah Net intends to use the net proceeds received from the offering for working capital and general corporate purposes.
FT Global Capital, Inc. acted as the exclusive placement agent in connection with the offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company and ArentFox Schiff LLP acted as counsel to the placement agent in connection with the transactions.
The securities described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-280743) filed with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective on July 15, 2024. A final prospectus relating to the offering was filed on July 26, 2024 with the SEC and is available on the SEC’s website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statements. Electronic copies of the prospectus relating to this offering may be obtained from FT Global Capital, Inc., 1688 Meridian Avenue, Ste. 700, Miami Beach, FL 33139.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Cheetah Net Supply Chain Service Inc.
Cheetah Net is a provider of logistics and warehouse services, as well as a facilitator of supply chain financing, historically known for supplying parallel-import vehicles. It purchased automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resold them to its customers, including both U.S. and PRC parallel-import car dealers. The Company now focuses on facilitating non-vehicle trade, providing storage services, logistics services, freight forwarding services, and inventory financing services to its clients. For more information, visit the Company’s corporate website at: https://cheetah-net.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended, under the caption “Risk Factors.”
For more information, please contact:
Cheetah Net Supply Chain Service Inc.
Investor Relations
(704) 826-7280
ir@cheetah-net.com
![](https://ml.globenewswire.com/media/N2IxMThjOTItYjEzOS00MDFjLTg0YjItZGMyMjI2Yzk3MjIzLTEyNjc5OTc=/tiny/Cheetah-Net-Supply-Chain-Servi.png)
FAQ
How much did Cheetah Net Supply Chain Service (CTNT) raise in its recent follow-on offering?
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