FangDD Announces Pricing of US$5.0 Million Registered Direct Offering
FangDD Network Group (Nasdaq: DUO), a property technology company in China, has announced the pricing of a US$5.0 million registered direct offering. The company will issue and sell up to 3,125,000 Class A ordinary shares (or pre-funded warrants) at US$1.60 per share (or US$1.5994375 per pre-funded warrant). The offering is expected to close around October 7, 2024, subject to customary conditions.
FangDD plans to use the net proceeds for general corporate purposes. MM Global Securities, Inc. is acting as the exclusive placement agent. The securities will be 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), una società tecnologica immobiliare in Cina, ha annunciato il prezzo di un offerta diretta registrata di 5,0 milioni di dollari USA. L'azienda emetterà e venderà fino a 3.125.000 azioni ordinarie di Classe A (o opzioni pre-finanziate) a 1,60 dollari USA per azione (o 1,5994375 dollari USA per opzione pre-finanziata). Si prevede che l'offerta si concluda intorno al 7 ottobre 2024, soggetta a condizioni consuete.
FangDD prevede di utilizzare i proventi netti per scopi aziendali generali. MM Global Securities, Inc. funge da agente di collocamento esclusivo. I titoli saranno offerti attraverso una dichiarazione di registrazione a scaffale efficace precedentemente depositata presso la SEC. Un supplemento al prospetto e il prospetto di 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 el precio de una oferta directa registrada de 5,0 millones de dólares EE.UU.. La empresa emitirá y venderá hasta 3.125.000 acciones ordinarias de Clase A (o garantías prefinanciadas) a 1.60 dólares EE.UU. por acción (o 1.5994375 dólares EE.UU. por garantía prefinanciada). Se espera que la oferta se cierre alrededor del 7 de octubre de 2024, sujeta a condiciones habituales.
FangDD planea utilizar los ingresos netos para fines corporativos generales. MM Global Securities, Inc. actúa como el agente de colocación exclusivo. Los valores se ofrecerán a través de una declaración de registro de estantería efectiva previamente presentada a la SEC. Un suplemento del prospecto y el prospecto base se presentarán ante la SEC y estarán disponibles en su sitio web.
FangDD Network Group (Nasdaq: DUO)는 중국의 부동산 기술 회사로, 500만 달러 규모의 등록된 직접 발행의 가격을 발표했습니다. 이 회사는 최대 3,125,000주 A 클래스 일반 주식 (또는 선불 예탁증서)을 주당 1.60달러 (또는 선불 예탁증서당 1.5994375달러)로 발행하고 판매할 예정입니다. 이 발행은 2024년 10월 7일경에 마감될 것으로 예상되며, 일반적인 조건이 적용됩니다.
FangDD는 순수익을 일반 기업 목적에 사용할 계획입니다. MM Global Securities, Inc.는 독점 배치 대행사로 활동하고 있습니다. 증권은 SEC에 이전에 제출된 효력 있는 선반 등록 문서를 통해 제공됩니다. 보충 설명서와 기본 설명서가 SEC에 제출되어 그들의 웹사이트에서 이용할 수 있도록 됩니다.
FangDD Network Group (Nasdaq: DUO), une entreprise de technologie immobilière en Chine, a annoncé le prix d'une offre directe enregistrée de 5,0 millions de dollars US. L'entreprise émettra et vendra jusqu'à 3 125 000 actions ordinaires de Classe A (ou bons de souscription préfinancés) à 1,60 dollars US par action (ou 1,5994375 dollars US par bon de souscription préfinancé). La clôture de l'offre est prévue aux alentours du 7 octobre 2024, sous réserve des conditions habituelles.
FangDD prévoit d'utiliser le produit net pour des fins corporatives générales. MM Global Securities, Inc. agit en tant qu'agent de placement exclusif. Les titres seront offerts par l'intermédiaire d'une déclaration d'enregistrement de shelf valide précédemment déposée auprès de la SEC. Un supplément de prospectus et le prospectus de base seront déposés auprès de la SEC et rendus disponibles sur leur site Web.
FangDD Network Group (Nasdaq: DUO), ein Immobilientechnologieunternehmen in China, hat die Preisgestaltung eines direkten Registrierungsangebots über 5,0 Millionen US-Dollar bekannt gegeben. Das Unternehmen wird bis zu 3.125.000 A-Klasse Stammaktien (oder vorfinanzierte Warrants) zu 1,60 US-Dollar pro Aktie (oder 1,5994375 US-Dollar pro vorfinanziertem Warrant) ausgeben und verkaufen. Es wird erwartet, dass das Angebot etwa am 7. Oktober 2024 abgeschlossen wird, vorbehaltlich üblicher Bedingungen.
FangDD plant, den Nettobetrag für allgemeine Unternehmenszwecke zu verwenden. MM Global Securities, Inc. fungiert als exklusiver Platzierungsagent. Die Wertpapiere werden über eine zuvor bei der SEC eingereichte wirksame Shelf-Registrierung angeboten. Ein Prospektergänzung und der begleitende Basisprospekt werden bei der SEC eingereicht und auf ihrer Website verfügbar gemacht.
- Secured US$5.0 million in additional funding through a registered direct offering
- Offering priced at US$1.60 per share, indicating investor interest
- Funds to be used for general corporate purposes, potentially supporting growth initiatives
- Potential dilution of existing shareholders' ownership due to the issuance of new shares
- Relatively small offering size may indicate investor demand or financial constraints
Insights
FangDD's
The use of pre-funded warrants alongside ordinary shares offers flexibility to investors but may complicate the company's capital structure. The vague "general corporate purposes" designation for the proceeds use raises questions about specific strategic initiatives or financial needs.
Investors should note that this offering comes under a shelf registration, suggesting the company may seek additional capital in the future. The engagement of MM Global Securities as the exclusive placement agent indicates a targeted approach to fundraising, potentially limiting broader market participation.
Overall, while this capital injection provides short-term financial relief, it underscores FangDD's challenging position in the competitive Chinese proptech market and may signal ongoing cash flow concerns.
The regulatory aspects of this offering are important for investors to understand. FangDD's use of a previously filed and effective Form F-3 shelf registration streamlines the process but also indicates ongoing capital needs. The SEC's prior approval of this registration statement on September 29, 2022, suggests the company has been planning for potential fundraising for some time.
The inclusion of customary representations and warranties in the Purchase Agreement provides some protection for investors, but the devil is in the details which are not fully disclosed here. The use of pre-funded warrants alongside ordinary shares adds complexity and requires careful scrutiny of the terms.
The company's commitment to file a prospectus supplement is critical for full disclosure. Investors should carefully review this document when available on the SEC website for complete terms, risks and use of proceeds. The disclaimer regarding offer and sale restrictions in certain jurisdictions is standard but underscores the need for investors to ensure compliance with local securities laws.
SHENZHEN, China, Oct. 04, 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 up to 3,125,000 Class A ordinary shares (or pre-funded warrants in lieu thereof), at a price 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 7, 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) registered direct offering?
When is the expected closing date for FangDD's (DUO) offering?
How does FangDD (DUO) plan to use the proceeds from the offering?
Who is the placement agent for FangDD's (DUO) registered direct offering?
