Cheetah Net Supply Chain Service Inc. Announces Pricing of $1.49 Million Follow-on Public Offering
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a warehousing and logistics services provider, has announced a follow-on public offering of 6,479,663 shares of Class A common stock. The offering is priced at $0.23 per share, aiming to raise 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. is acting as the exclusive placement agent for this offering, which is expected to close around July 26, 2024. The offering is made pursuant to a registration statement filed with the SEC, which was declared effective on July 15, 2024.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un fornitore di servizi di magazzinaggio e logistica, ha annunciato un offerta pubblica secondaria di 6.479.663 azioni di azioni ordinarie di Classe A. L'offerta è valutata a 0,23 $ per azione, con l'obiettivo di raccogliere 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. agisce come agente di collocamento esclusivo per questa offerta, che si prevede si chiuda intorno al 26 luglio 2024. L'offerta è effettuata ai sensi di una dichiarazione di registrazione depositata presso la SEC, che è stata dichiarata efficace il 15 luglio 2024.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un proveedor de servicios de almacenamiento y logística, ha anunciado una oferta pública secundaria de 6,479,663 acciones de acciones ordinarias Clase A. La oferta se fija en $0.23 por acción, con el objetivo de recaudar aproximadamente $1.49 millones en ingresos brutos. La compañía planea usar los ingresos netos para capital de trabajo y propósitos corporativos generales. FT Global Capital, Inc. está actuando como el agente de colocación exclusivo para esta oferta, que se espera que concluya alrededor del 26 de julio de 2024. La oferta se realiza conforme a una declaración de registro presentada ante la SEC, que fue declarada efectiva el 15 de julio de 2024.
치타 넷 공급망 서비스 주식회사 (NASDAQ: CTNT), 창고 및 물류 서비스 제공업체,가 6,479,663주 Class A 보통주의 후속 공개 제안을 발표했습니다. 이 제안은 주당 $0.23로 가격이 책정되며, 약 $1.49백만의 총 수익을 목표로 하고 있습니다. 이 회사는 순수익을 운영 자본 및 일반 기업 용도로 사용할 계획입니다. FT 글로벌 캐피탈 주식회사가 이번 제안의 독점 배치 대행인으로 활동하고 있으며, 이는 2024년 7월 26일경에 마감될 것으로 예상됩니다. 이번 제안은 SEC에 제출된 등록 신고서에 따라 이루어지며, 이는 2024년 7월 15일에 발효되었습니다.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), un fournisseur de services d'entreposage et de logistique, a annoncé une offre publique complémentaire de 6 479 663 actions ordinaires de Classe A. L'offre est fixée à 0,23 $ par action, visant à lever environ 1,49 million $ de produits bruts. L'entreprise prévoit d'utiliser les produits nets pour le fonds de roulement et des fins d'entreprise générales. FT Global Capital, Inc. agit en tant qu'agent de placement exclusif pour cette offre, qui devrait se clôturer autour du 26 juillet 2024. L'offre est réalisée conformément à une déclaration d'enregistrement déposée auprès de la SEC, qui a été déclarée effective le 15 juillet 2024.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), ein Anbieter von Lager- und Logistikdienstleistungen, hat ein Follow-on-Publikumsoffert von 6.479.663 Aktien der Klasse A Stammaktien angekündigt. Das Angebot hat einen Preis von 0,23 $ pro Aktie und zielt darauf ab, etwa 1,49 Millionen $ brutto Erlöse zu erzielen. Das Unternehmen plant, die Nettoerlöse für Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. FT Global Capital, Inc. agiert als exklusiver Platzierungsmakler für dieses Angebot, das voraussichtlich um den 26. Juli 2024 abgeschlossen wird. Das Angebot erfolgt gemäß einer Registrierungsanmeldung, die bei der SEC eingereicht wurde und am 15. Juli 2024 für wirksam erklärt wurde.
- Successful pricing of a $1.49 million follow-on public offering
- Funds to be used for working capital and general corporate purposes
- Offering made pursuant to an effective SEC registration statement
- Potential dilution of existing shareholders' ownership
- Low pricing of $0.23 per share may indicate weak market demand
- Small offering size of $1.49 million may not significantly impact company's financial position
Cheetah Net Supply Chain Service Inc.'s
The dilutive effect of issuing 6,479,663 new shares is substantial and could negatively impact existing shareholders. This capital raise, while providing necessary working capital, may be seen as a stopgap measure rather than a long-term solution to the company's financial needs.
Investors should note that the use of proceeds for 'working capital and general corporate purposes' is vague and doesn't indicate a clear strategic direction. This lack of specificity may raise concerns about the company's immediate financial health and operational efficiency.
The involvement of FT Global Capital as the exclusive placement agent suggests institutional interest, which could be a red flag for potential investors. Overall, while the capital infusion provides short-term relief, it doesn't address underlying business challenges or present a clear path to profitability.
Cheetah Net's shift from focusing solely on parallel-import vehicles to broader U.S.-PRC goods transportation signifies an attempt to diversify revenue streams. However, this follow-on offering at a low share price indicates that the market isn't fully convinced of this strategy's potential.
The timing of this offering, amidst ongoing U.S.-China trade tensions, adds another layer of complexity. Investors should consider how geopolitical factors might impact Cheetah Net's business model, especially given its reliance on cross-border trade.
The
It's worth noting that the logistics and supply chain sector has been volatile recently due to global disruptions. Cheetah Net's ability to navigate these challenges while expanding its service offerings will be important for its long-term viability. Investors should closely monitor the company's operational metrics and market share in the coming quarters to gauge the effectiveness of its strategic pivot.
CHARLOTTE, N.C., July 25, 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 that it has entered into a securities purchase agreement with certain investors for a follow-on offering of 6,479,663 shares of Class A common stock, at a price of
Cheetah Net intends to use the net proceeds received from the offering for working capital and general corporate purposes. The offering is expected to close on or about July 26, 2024, subject to satisfaction of customary closing conditions.
FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering.
The securities described above are being 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 will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may be obtained from FT Global Capital, Inc., 1688 Meridian Avenue, Ste. 700, Miami Beach, FL 33139. Before investing in this offering, interested parties should read in its entirety the registration statement that the Company has filed with the SEC, which provides additional information about the Company and this offering.
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
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