Takung Art Co., Ltd. Announces $5.0 Million Private Placement
July 08 2021 - 9:00AM
Takung Art Co., Ltd. (NYSE American: TKAT) (“Takung” “TKAT” or the
“Company”), an operator of three online fine art and collectibles
platforms, today announced that it has entered into a securities
purchase agreement (the “SPA”) with an institutional investor to
raise $5.0 million through a private placement of 571,429 shares of
Common Stock at a purchase price of $8.75 per share. The closing of
the private placement is expected to occur by July 12, 2021,
subject to the satisfaction of certain customary closing conditions
set forth in the SPA.
Maxim Group LLC is acting as the sole placement
agent for the transaction.
The Common Stock described above have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (“SEC”) or an
applicable exemption from such registration requirements. The
securities were offered only to accredited investors. Pursuant to a
registration rights agreement (the “RRA”) with the investor signed
concurrently with the SPA, the Company is required to file an
initial registration statement with the SEC covering the resale of
the shares of common stock to be issued to the investor no later
than 17 days after the date of the closing and to use best efforts
to have the registration statement declared effective as promptly
as practical thereafter, and in any event no later than 75 days
after the closing in the event of a “full review” by the SEC.
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 Takung Art Co., Ltd.
Takung Art Co., Ltd. enables China's growing
middle class to invest in fine art and collectibles through three
proprietary online platforms: Takung Unit, which facilitates
trading and shared ownership of Asian and international fine art;
Unit+, which facilitates trading and shared ownership of Asian and
international collectibles; and Takung Online, an e-commerce
platform enabling artists to promote and sell entire pieces of
artwork directly to buyers. Takung is headquartered in Hong Kong
and operates primarily in Hong Kong through its direct wholly-owned
subsidiary Hong Kong Takung Art Company Limited and its two
wholly-owned subsidiaries in Shanghai and Tianjin that facilitate
service and support to its PRC-based traders on the Company's
platform. For more information, please visit the Company's website:
http://ir.takungart.com/ The Company routinely posts
important information on its website.
Forward-Looking Statements
This press release may contain projections or
other forward-looking statements regarding future events or our
future financial performance. All statements other than present and
historical facts and conditions contained in this release,
including any statements regarding our future results of operations
and financial positions, business strategy, plans and our
objectives for future operations, are forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended).
These statements are only predictions which reflect our current
beliefs and expectations with respect to future events and are
based on assumptions and subject to risk and uncertainties and are
subject to change at any time. We operate in a very competitive and
rapidly changing environment where new risks may emerge from time
to time. Given these risks and uncertainties, you should not place
undue reliance on these forward-looking statements. Actual events
or results may differ materially from those contained in the
projections or forward-looking statements.
Contact:
Takung Art Co., Ltd.King Chan Phone: +85239035788Email:
irmail@takungae.com
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