SHANGHAI, Sept. 24,
2024 /PRNewswire/ -- XChange TEC.INC (NASDAQ: XHG)
(the "Company"), today announced that on September 24, 2024, the Company entered into a
Securities Purchase Agreement with VG Master Fund SPC ("VG")
pursuant to which the Company may from time to time sell VG up to
$25.0 million of American Depositary
Shares ("ADSs") with each ADSs representing 600,000 of the
Company's Class A Ordinary Shares. The timing of any such sales,
are solely at the Company's option, and the Company is under no
obligation to sell any securities to VG under the Purchase
Agreement.
The offering and sale of the ADSs by the Company to VG pursuant
to the Purchase Agreement has been registered pursuant to a
prospectus supplement, which was filed by the Company with the
Securities and Exchange Commission (the "SEC") on September
24, 2024, to a shelf registration
statement on Form F-3 (File No. 333-258187), which was filed with
the SEC on September 29, 2022 and
declared effective on October 26,
2022.
About XChange TEC.INC
XChange TEC.INC, through its subsidiaries and consolidated
variable interest entities, operates insurance agency and insurance
technology business. The insurance agency is PRC-licensed and
operates nationwide in the PRC with a wide range of insurance
products underwritten by major insurance companies, including
industry leading and/or state-owned property and casualty insurance
companies as well as certain regional property and casualty
insurance companies in China. The
insurance technology business is focused on operating and
developing insurance technology in the PRC, including developing
SaaS platform to connect consumers and underwriting support.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. The Company's actual results may
differ materially from those expressed in any forward-looking
statements as a result of various factors and uncertainties. The
reports filed by the Company with the Securities and Exchange
Commission discuss these and other important factors and risks that
may affect the Company's business, results of operations and
financial conditions. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE XChange TEC.INC