Nano Labs Announces Receipt of US$4.9 Million Equivalent in Bitcoin and USDT from Unregistered Sale of Equity Securities

Rhea-AI Summary

Nano Labs (Nasdaq: NA) has received US$4.9 million equivalent in Bitcoin and USDT from a previously announced private placement of equity securities. The transaction involves the issuance of 758,915 Class A ordinary shares at $6.46 per share, as part of a larger placement totaling 913,714 shares with aggregate gross proceeds of approximately US$5.9 million.

The private placement was conducted as an unregistered sale of securities under Section 5 of the Securities Act. The company, a leading fabless integrated circuit design firm in China, structured the deal to accept cryptocurrency as payment.

Positive

• Secured US$4.9M in crypto funding
• Successfully placed shares at US$6.46 per share

Negative

• Potential dilution from issuance of 758,915 new shares
• Cryptocurrency payment adds volatility risk to proceeds

HONG KONG, Feb. 28, 2025 /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 has received US$4.9 million equivalent in Bitcoin and USDT from previously announced private placement of 913,714 Class A ordinary shares at a purchase price of US$6.46 per share, for aggregate gross proceeds of approximately US$5.9 million. As previously disclosed, the aggregate purchase price shall be satisfied in Bitcoin and USDT. The Company has issued 758,915 Class A ordinary shares to the investors of this private placement. The shares were offered in a transaction not required to be registered under Section 5 of the Securities Act.

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: 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

How much did Nano Labs (NA) raise in their recent private placement?

Nano Labs raised US$4.9 million equivalent in Bitcoin and USDT, as part of a larger US$5.9 million private placement.

What is the price per share for Nano Labs' (NA) private placement?

The private placement was priced at US$6.46 per Class A ordinary share.

How many shares did Nano Labs (NA) issue in this private placement?

Nano Labs has issued 758,915 Class A ordinary shares out of a total planned 913,714 shares.

Why is Nano Labs (NA) accepting cryptocurrency for their share placement?

The purchase price was structured to be paid in Bitcoin and USDT as part of the private placement agreement terms.