Hebron Technology Co., Ltd. , a developer, manufacturer and installer of valves and pipe fittings for use in the pharmaceutical, biological, food and beverage, and other clean industries, announced that it has entered into a definitive share purchase agreement (the “Agreement”) with two institutional investors, Jupiter Trading Co., Ltd (BVI) and Loong Fang Trading Co., Ltd (BVI), companies organized under the laws of the British Virgin Islands (the “Investors”), for the private placement of approximately 1.05 million of the Company’s common shares at $6.21 per share, resulting in expected gross proceeds of approximately $6.5 million. The price per share is set at the lower of (i) the closing price per share as of the close of the trading day immediately prior to the execution of the Agreement; or (ii) the average closing price per share of our common shares for the five trading days immediately prior to the execution of the Agreement. The private placement is expected to close on or about December 23, 2019 subject to customary closing conditions.
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“We are pleased to announce that we have entered into a private placement agreement for the investment of approximately US$6.5 million with two institutional investors”, said Mr. Anyuan Sun, the CEO of Hebron Technology Co. Ltd., “this represents that investors have great interest to our business expansion from industrial technology service to financial technology service. We believe that the financing will further strengthen our competitiveness in the marketplace”.
Incorporated in 2005 and successfully listed on Nasdaq in 2016, Hebron is an established technology company dedicated to promoting the combination and integration between industry and finance through innovative adoption of various cutting-edge technologies. Hebron maximizes the synergy effects by creatively optimizing the traditional industrial structure, advancing and raising the industrial value chain, and driving financial capital flows to different industries. So far, Hebron has gained significant experience in providing integrated technology services in areas of agriculture, high-end manufacturing, education, retail and trade.
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With high quality resources, acute market insights and strong management capabilities, Hebron will continuously commit itself to promoting the integrated development between industry and finance, enhancing the role of innovative technologies in improving effectiveness and efficiency in upgrading industrial structure, and ultimately achieving maximized interest for shareholders, clients, employees and the whole society.
The private placement offering is made in reliance on an exemption for private offerings provided pursuant to Section 4(a)(2) of the Securities Act. Pursuant to the Agreement, the Common Shares may not be sold prior to December 5, 2020. Commencing on December 6, 2020, one-year anniversary of the Agreement date, and continuing on each anniversary thereafter, the Investors may sell or transfer up to twenty percent (20%) of their respective Common Shares acquired in this Offering.
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