FangDD Announces Pricing of US$4.5 Million Registered Direct Offering
FangDD Network Group (Nasdaq: DUO), a property technology company in China, has announced the pricing of a US$4.5 million registered direct offering of Class A ordinary shares or pre-funded warrants. The offering is priced at US$0.88 per share or US$0.8794375 per pre-funded warrant. The company expects to close the offering on or about October 11, 2024, subject to customary closing conditions.
FangDD plans to use the net proceeds for general corporate purposes. MM Global Securities, Inc. is acting as the exclusive placement agent for this offering. The securities are being offered through an effective shelf registration statement previously filed with the SEC. A prospectus supplement and accompanying base prospectus will be filed with the SEC and made available on their website.
FangDD Network Group (Nasdaq: DUO), un'azienda di tecnologia immobiliare in Cina, ha annunciato la determinazione del prezzo di un offerta diretta registrata di 4,5 milioni di dollari USA di azioni ordinarie di classe A o warrant pre-finanziati. L'offerta è fissata a 0,88 dollari USA per azione o 0,8794375 dollari USA per warrant pre-finanziato. L'azienda si aspetta di concludere l'offerta intorno al 11 ottobre 2024, previa verifica delle normali condizioni di chiusura.
FangDD prevede di utilizzare il ricavato netto per scopi aziendali generali. MM Global Securities, Inc. funge da agente esclusivo per questa offerta. I titoli sono offerti tramite una dichiarazione di registrazione efficace precedentemente depositata presso la SEC. Un supplemento del prospetto e il prospetto base saranno depositati presso la SEC e resi disponibili sul loro sito web.
FangDD Network Group (Nasdaq: DUO), una empresa de tecnología inmobiliaria en China, ha anunciado la fijación de precio de una oferta directa registrada de 4,5 millones de dólares estadounidenses de acciones ordinarias de Clase A o warrants prefinanciados. La oferta está valorada en 0,88 dólares estadounidenses por acción o 0,8794375 dólares estadounidenses por warrant prefinanciado. La compañía espera cerrar la oferta alrededor del 11 de octubre de 2024, sujeto a las condiciones de cierre habituales.
FangDD planea utilizar los ingresos netos para fines corporativos generales. MM Global Securities, Inc. actúa como agente exclusivo para esta oferta. Los valores se están ofreciendo a través de una declaración de registro efectiva que se presentó anteriormente a la SEC. Se presentará un suplemento de prospecto y un prospecto base a la SEC y estarán disponibles en su sitio web.
FangDD Network Group (Nasdaq: DUO)는 중국의 부동산 기술 회사로, 450만 달러 미국 등록 직접 제공의 가격을 발표했습니다. 이번 제공의 가격은 주당 0.88달러 또는 사전 자금 지원된 보증서당 0.8794375달러입니다. 회사는 2024년 10월 11일경에 제공을 마무리할 것으로 예상하며, 일반적인 마감 조건이 적용됩니다.
FangDD는 순 proceeds를 일반적인 기업 목적에 사용하고자 합니다. MM Global Securities, Inc.는 이번 제공에 대한 독점 배치 대행 역할을 수행합니다. 증권은 SEC에 사전 제출된 효력이 있는 선반 등록 문서를 통해 제공됩니다. 추가된 정보는 SEC에 제출되며, 그들의 웹사이트에서 확인할 수 있습니다.
FangDD Network Group (Nasdaq: DUO), une entreprise de technologie immobilière en Chine, a annoncé la tarification d'une offre directe enregistrée de 4,5 millions de dollars américains d'actions ordinaires de classe A ou de bons de souscription préfinancés. L'offre est fixée à 0,88 dollar par action ou 0,8794375 dollar par bon de souscription préfinancé. L'entreprise s'attend à clôturer l'offre aux alentours du 11 octobre 2024, sous réserve des conditions de clôture habituelles.
FangDD prévoit d'utiliser le produit net pour des fins corporatifs généraux. MM Global Securities, Inc. agit en tant qu'agent exclusif pour cette offre. Les titres sont proposés par le biais d'une déclaration d'enregistrement efficace précédemment déposée auprès de la SEC. Un supplément de prospectus et un prospectus de base seront déposés auprès de la SEC et mis à disposition sur leur site Web.
FangDD Network Group (Nasdaq: DUO), ein Immobilientechnologieunternehmen in China, hat die Preisgestaltung einer registrierten Direktplatzierung über 4,5 Millionen US-Dollar von Stammaktien der Klasse A oder vorfinanzierten Optionen bekannt gegeben. Die Platzierung erfolgt zu einem Preis von 0,88 US-Dollar pro Aktie oder 0,8794375 US-Dollar pro vorfinanzierten Optionen. Das Unternehmen erwartet, die Platzierung um den 11. Oktober 2024 abzuschließen, vorbehaltlich der üblichen Abschlussbedingungen.
FangDD plant, den Nettoerlös für allgemeine Unternehmenszwecke zu verwenden. MM Global Securities, Inc. fungiert als exklusiver Platzierungsagent für diese Platzierung. Die Wertpapiere werden über eine wirksame Shelf-Registrierungserklärung angeboten, die zuvor bei der SEC eingereicht wurde. Ein Prospektzusatz und der zugehörige Basprospekt werden bei der SEC eingereicht und auf deren Website bereitgestellt.
- Secured US$4.5 million in funding through registered direct offering
- Offering expected to close on October 11, 2024, providing quick access to capital
- Funds to be used for general corporate purposes, potentially supporting growth initiatives
- Potential dilution of existing shareholders' ownership
- Offering price of US$0.88 per share may indicate low market valuation
- Reliance on external funding may suggest financial challenges
Insights
FangDD's
The use of proceeds for "general corporate purposes" is vague and doesn't inspire confidence in a specific growth strategy. For a small-cap company in the competitive Chinese proptech market, a more targeted use of funds would be preferable. The inclusion of pre-funded warrants in the offering structure adds complexity and potential future dilution.
Investors should note that this offering follows the common pattern of small-cap companies using shelf registrations for quick capital raises, often at unfavorable terms. The involvement of MM Global Securities as the exclusive placement agent suggests institutional interest, which may impact future financing options.
The registered direct offering structure chosen by FangDD is compliant with SEC regulations, utilizing an effective shelf registration statement. This approach allows for a quicker and more cost-effective capital raise compared to a traditional public offering. However, investors should be aware that such offerings often come with less scrutiny and may be priced at a discount to market.
The inclusion of customary representations and warranties in the Purchase Agreement provides some protection for investors, but the details are crucial. The use of pre-funded warrants alongside ordinary shares adds complexity to the capital structure and potential future voting rights.
The company's disclosure that this does not constitute an offer to sell in jurisdictions where it would be unlawful is standard legal language to comply with securities laws. Investors should carefully review the prospectus supplement when filed with the SEC for full details on the offering terms and associated risks.
SHENZHEN, China, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”), a customer-oriented property technology company in China, today announced that it has entered into a securities purchase agreement with certain investors (the “Purchase Agreement”) for the issuance and sale by the Company of US
The Purchase Agreement contains representations, warranties and other provisions customary for transactions of this nature. The offering is expected to close on or about October 11, 2024, subject to the satisfaction of customary closing conditions. FangDD intends to use the net proceeds from this offering for general corporate purposes.
The Company has engaged MM Global Securities, Inc. as its exclusive placement agent in connection with this offering.
The securities described above will be offered by the Company pursuant to an effective “shelf” registration statement on Form F-3 (File No. 333-267397) previously filed with the United States Securities and Exchange Commission (the “SEC”) on September 13, 2022 and declared effective by the SEC on September 29, 2022. The securities may be offered only by means of a written prospectus and prospectus supplement that form a part of the registration statement. The prospectus supplement and accompanying base prospectus contain important information relating to the Class A ordinary shares and pre-funded warrants to be sold in the offering. The prospectus supplement will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov, or may be obtained, when available, by contacting us at Room 1501, Shangmei Technology Building, No. 15 Dachong Road, Nanshan District, Shenzhen, the PRC, or by email at ir@fangdd.com.
This press release shall not constitute an offer to sell nor 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 the registration or qualification under the securities laws of any such state or jurisdiction.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is a customer-oriented property technology company in China, focusing on providing real estate transaction digitalization services. Through innovative use of mobile internet, cloud, big data, artificial intelligence, among others, FangDD has fundamentally revolutionized the way real estate transaction participants conduct their business through a suite of modular products and solutions powered by SaaS tools, products and technology. For more information, please visit http://ir.fangdd.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail: ir@fangdd.com
FAQ
What is the size and price of FangDD's (DUO) recent registered direct offering?
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