Tantech Announces Closing of US$7.0 Million Offering

Rhea-AI Summary

Tantech Holdings Ltd (NASDAQ: TANH) announced the closing of a private placement, raising approximately US$7.0 million through the sale of 5,380,000 common shares at US$1.30 per share. The transaction was exempt from registration under the Securities Act, with purchasers acknowledging that the shares are unregistered. Tantech has established a strong domestic and international network, focusing on bamboo charcoal-based products and electric vehicles. The company holds ISO certifications and aims to expand its manufacturing capabilities.

Positive

• Raised approximately US$7.0 million through private placement.
• Sold 5,380,000 shares at US$1.30 each, indicating strong interest.
• Established two new subsidiaries for electric vehicle production.
• ISO 90000 and ISO 14000 certified, showcasing product quality.

Negative

• None.

LISHUI, China, June 7, 2021 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today announced that it closed a previously announced private placement transaction (the "Private Placement"), raising approximately US$7.0 million in gross proceeds, from the sale of 5,380,000 of the Company's common shares (the "Shares") to various purchasers (the "Purchasers"), priced at US$1.30 per share. 

The Shares were sold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), in reliance on Regulation S thereunder. Each of the Purchasers understands that the Shares have not been registered under the Securities Act. Such Purchaser will not sell or otherwise dispose of the Shares without registration under the Securities Act, and under applicable state securities or "Blue Sky" laws, or pursuant to an exemption therefrom. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Tantech Holdings Ltd

For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017 when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles.  The Company established two new subsidiaries in November 2020, with the plan to produce and sell street sweepers and other electric vehicles.  The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its quality products and scientific research efforts.  For more information please visit: http://ir.tantech.cn.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the closing of the Private Placement, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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SOURCE Tantech Holdings Ltd.

FAQ

What amount did Tantech Holdings raise in their recent private placement?

Tantech Holdings raised approximately US$7.0 million in their recent private placement.

How many shares did Tantech issue in the private placement?

Tantech issued 5,380,000 common shares in the private placement.

What was the price per share during Tantech's private placement?

The price per share during Tantech's private placement was US$1.30.

Are the shares issued by Tantech registered under the Securities Act?

No, the shares issued by Tantech are unregistered under the Securities Act.

What are Tantech's future plans regarding electric vehicles?

Tantech aims to produce and sell electric vehicles, including street sweepers.