Nano Labs Announces Pricing of Unregistered Sale of Equity Securities

Rhea-AI Summary

Nano Labs (Nasdaq: NA) has announced a private placement agreement to sell 5,611,459 Class A ordinary shares to certain investors. The purchase price is set at US$6.46 per share, based on the average closing price of the previous 60 trading days. The total transaction value is approximately US$36.25 million, which will be paid in a combination of U.S. dollars, Bitcoin, and USDT.

The transaction is structured as an unregistered sale of equity securities, exempt from Section 5 of the Securities Act registration requirements. The closing is expected within 10 business days, subject to standard closing conditions.

Positive

• Secured significant funding of US$36.25 million through private placement
• Flexible payment terms accepting multiple currencies (USD, Bitcoin, USDT)

Negative

• Potential dilution of existing shareholders' value due to new share issuance

News Market Reaction – NA

-18.70%

-18.70% Session move

In the trading session that priced this news, NA declined 18.70%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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HONG KONG, Dec. 9, 2024 /PRNewswire/ -- Nano Labs Ltd (Nasdaq: NA) ("we," the "Company" or "Nano Labs"), a leading fabless integrated circuit design company and product solution provider in China, today announced that it entered into a share subscription agreement (the "Subscription Agreement") with certain investors (the "Investors") on December 9, 2024 to sell 5,611,459 Class A ordinary shares of the Company in a private placement. The purchase price per Class A ordinary shares is US$6.46, being the average closing price of the previous 60 trading days prior to the signing of the Subscription Agreement, and the aggregate purchase price of the Private Placement is approximately US$36.25 million (the "Aggregate Purchase Price"). The Aggregate Purchase Price will be satisfied in U.S. dollars, Bitcoin and USDT. The shares are offered in a transaction not required to be registered under Section 5 of the Securities Act. The closing may take place on a non-contemporaneous basis in 10 business days, subject to customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 registration or qualification under the securities laws of any such state or jurisdiction.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless integrated circuit ("IC") design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing ("HTC") chips, high performance computing ("HPC") chips, distributed computing and storage solutions, smart network interface cards ("NICs") vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit ("FPU") architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab's Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company's website at: https://ir.nano.cn/.

*

According to an industry report prepared by Frost & Sullivan.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's plan to appeal the Staff's determination, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor inquiries, please contact:

Nano Labs Ltd
ir@nano.cn 

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com 

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SOURCE Nano Labs Ltd

FAQ

What is the price per share for Nano Labs (NA) private placement announced on December 9, 2024?

The purchase price is US$6.46 per Class A ordinary share, based on the average closing price of the previous 60 trading days.

How many shares is Nano Labs (NA) selling in the December 2024 private placement?

Nano Labs is selling 5,611,459 Class A ordinary shares in the private placement.

What is the total value of Nano Labs (NA) December 2024 private placement?

The total value of the private placement is approximately US$36.25 million.

What payment methods are accepted for Nano Labs (NA) private placement?

The purchase price will be paid in U.S. dollars, Bitcoin, and USDT.