Tantech Holdings Ltd. - TANH STOCK NEWS

Tantech Holdings Ltd (NASDAQ: TANH) announced a private placement of 5,380,000 common shares at US$1.30 each, totaling US$6,994,000. This transaction is expected to close by June 11, 2021, pending customary conditions. The proceeds will be directed towards general corporate and working capital needs. The shares are exempt from registration under the Securities Act and cannot be sold without appropriate registration. Tantech specializes in bamboo charcoal products and has expanded into vehicle manufacturing since acquiring a 70% stake in Shangchi Automobile.

Tantech Holdings Ltd (NASDAQ: TANH) reported its audited financial results for the year ended December 31, 2020. Revenues declined by 14.1% to $42.3 million, primarily due to a 35.8% drop in consumer product sales, affected by COVID-19. However, trading revenue increased 269.3% to $12.5 million. The net loss attributable to shareholders was $6.5 million, slightly worse than the previous year. Gross profit decreased 25% to $4.5 million, with a gross margin of 10.6%. The company maintains a positive working capital and had $37.1 million in cash as of December 31, 2020.

Tantech Holdings Ltd (NASDAQ: TANH) announced that its subsidiary, Shangchi Automobile Co., Ltd., has completed an OEM order for two prototype midibuses. The vehicles were shipped on March 8, 2021, to the Middle East. CEO Wangfeng Yan expressed optimism about this order, viewing it as a growth opportunity in their vehicle business. Shangchi focuses on manufacturing high-efficiency electric and fuel-powered buses, adapting to China's new energy vehicle policies.

Tantech Holdings Ltd (NASDAQ: TANH) announced that its subsidiary, Zhejiang Tantech Bamboo Charcoal Co., participated in the creation of ISO 21626, an international standard for bamboo charcoal. Parts 1 and 2 have been published, enhancing product quality standards in the bamboo charcoal industry. The CEO stated that this development underscores the company's leadership and instills consumer confidence in sustainable products. The market for bamboo charcoal continues to grow, with applications in various sectors, indicating a strong growth opportunity.

Tantech Holdings Ltd (NASDAQ: TANH) has launched an innovative product, Variety Combination Honeycomb Activated Carbon, aimed at large area purification. This environmentally friendly activated carbon can significantly reduce odors and pollutants, including formaldehyde and benzene, and meets national emission standards. The company anticipates initial customer orders will total approximately $2 million shortly. CEO Wangfeng Yan emphasized the growing demand for environmental purification solutions as economies recommence full production, indicating the company's ongoing expansion into emerging markets and commitment to shareholder value.

Tantech Holdings Ltd (NASDAQ: TANH), a clean energy company, has launched its latest driverless street sweeper, the Shangchi SC-100A, developed by its subsidiary, Shangchi Automobile. This new model features Lidar-based technology for improved cleaning and obstacle avoidance, reducing the need for human operators. The company is optimistic about market demand for autonomous cleaning solutions, especially in the COVID-19 context emphasizing cleanliness. The SC-100A has been validated through real-world testing, and customer feedback has been positive. The vehicle is backed by a one-year warranty.

Tantech Holdings Ltd (NASDAQ: TANH) announced the closing of an offering with institutional investors, raising approximately $10 million through the sale of 6,060,608 common shares at $1.65 per share. The offering included registered warrants to purchase 2,754,820 common shares and unregistered warrants for 3,305,788 more shares, both immediately exercisable. The funds will be used for working capital and general business purposes. The transaction was facilitated by Univest Securities, LLC, which received warrants for 363,637 shares.

Tantech Holdings Ltd (NASDAQ: TANH) announced a securities purchase agreement with institutional investors for approximately $10 million of common shares and warrants in a registered direct offering. The company will sell 6,060,608 shares at $1.65 per share, along with registered and unregistered warrants. The proceeds will be allocated for working capital and general business purposes. The offering is set to close on or about November 24, 2020, subject to customary closing conditions.

Tantech Holdings Ltd (NASDAQ: TANH) announced the launch of two innovative driverless street sweepers by its subsidiary, Shangchi Automobile Co., Ltd. The SC-120A model operates unmanned, while the SC-120B features autonomous operation with human oversight. Designed for quieter operations, the sweepers utilize Lidar-based technology for effective cleaning, operating for up to 10 hours. Initial sales will focus on the domestic market, with plans for international expansion. These vehicles align with China's new energy vehicle policies and aim to reduce operational costs and enhance performance.