Code Chain New Continent Limited (NASDAQ: CCNC), a leading eco-technology company, today announced that it closed a previously announced registered direct offering with certain institutional investors, raising approximately $25 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses. The offering consists of the sale of 4,166,666 shares of the Company's common stock, registered warrants to purchase up to an aggregate of 1,639,362 shares of commons stock, and unregistered warrants to purchase up to an aggregate of 2,527,304 shares of common stock, at combined per share purchase price of $6.00.
The net proceeds from this offering will be used for working capital and general business purposes.
Univest Securities, LLC acted as sole placement agent for this offering. Ortoli Rosenstadt LLP served as counsel to the Company, and Sullivan & Worcester LLP served as counsel to the placement agent in connection with the offering.
About Code Chain New Continent Limited
Founded in 2009, Code Chain New Continent Limited engages in the research, development, and sale of solid waste recycling systems for the mining and industrial sectors, the wholesale and sale of fuel materials, harbor cargo handling services and production and sales of coating materials in the PRC. It provides end-users in these markets with a clean alternative to traditional waste disposal by significantly reducing solid waste discharge into the environment and enabling such users to extract value from valuable metals and other industrial waste materials. Upon completion of Sichuan Wuge Network Games Co., Ltd. ("Wuge"), the Company has also diversified its business. Wuge was established in 2019 and is still in this early developing stage. Wuge produced electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system and identity information using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning.
