BEIJING, Feb. 24,
2023 /PRNewswire/ -- Infobird Co., Ltd (NASDAQ:
IFBD) ("Infobird" or the "Company"), a leading and long-standing
SaaS providers in serving large enterprises in the finance industry
in customer engagement with over 10 years of experience in
China, today announced the pricing
of its registered direct offering ("Offering") of 3,846,000 units,
with each unit consisting of one ordinary share and 0.65 warrant to
purchase one ordinary share. Each unit was sold at a price of
$1.30. The warrants will be
exercisable immediately upon the date of issuance, have an exercise
price of $1.30, and will expire five
years form the date of issuance. Each warrant in the Offering will
become exercisable for one ordinary share under the cashless
exercise provision if certain conditions are satisfied.
Concurrently with the Offering, the Company is conducting a private
placement with the investors in the Offering for additional
unregistered warrants to purchase 2,884,500 ordinary shares. The
unregistered warrants will be exercisable six months after the date
of issuance, have an exercise price of $1.30, and will expire five and a half years from
the date of issuance. Gross proceeds from the Offering and the
concurrent private placement, before deducting placement agent fees
and other offering expenses, are expected to be approximately
$5 million. The Offering is expected
to close on February 28, 2023,
subject to customary closing conditions.
Maxim Group LLC is acting as the sole placement agent in
connection with this Offering and the concurrent private
placement.
ArentFox Schiff LLP, Washington,
DC, acted as counsel to the Company in connection with the
Offering, and Hunter Taubman Fischer
& Li LLC, New York, New York,
served as counsel to Maxim Group LLC in connection with the
Offering.
The securities in the Offering are being offered pursuant to a
registration statement on Form F-3, as amended (File No.
333-268993) (the "Registration Statement"), which was declared
effective by the Securities and Exchange Commission (the "SEC") on
February 17, 2023. The Offering is
being made only by means of a prospectus which is a part of the
Registration Statement. Copies of the final prospectus relating to
this offering, when available, will be filed with the SEC and may
be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor,
New York, NY 10022, at (212)
895-3745.
This press release shall not constitute an offer to sell or a
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 other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Infobird Co., Ltd
Infobird Co., Ltd. (Nasdaq: IFBD), is a software-as-a-service,
or SaaS, provider of innovative AI-powered, or artificial
intelligence enabled, customer engagement solutions in China. Leveraging self-developed cloud-native
architecture, AI and machine learning capabilities, patented Voice
over Internet Protocol, or VoIP, application technologies, no-code
development platform, and in-depth industry expertise, it primarily
provides holistic software solutions to help its corporate clients
proactively deliver and manage end-to-end customer engagement
activities at all stages of the sales process including pre-sales
and sales activities and post-sales customer support. It also
offers AI-powered cloud-based sales force management software
including intelligent quality inspection and intelligent training
software to help our clients monitor, benchmark and improve the
performances of agents. For more information, please visit
http://www.infobird.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Among other things, the business outlook and quotations
from management in this press release, as well as the Company's
strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; and the Company's expectations regarding demand for and
market acceptance of its products and services. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and current report on Form 6-K and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws.
View original
content:https://www.prnewswire.com/news-releases/infobird-co-ltd-announces-pricing-of-5-million-registered-direct-offering-301755345.html
SOURCE Infobird Co., Ltd