Antelope Enterprise Shares Drop 20% After Direct Offering Closes

Dow Jones02-27

By Chris Wack

Antelope Enterprise Holdings shares were down 20% to $1.55 after the company closed an offering of $1.3 million of its Class A shares in a registered direct offering and a concurrent private placement of warrants.

The stock hit its 52-week low of $1.40 on Feb. 7, and is down 83% in the past 12 months.

The company, which operates Kylin Cloud, a live-streaming e-commerce business in China, entered into a securities purchase agreement with two non-U.S. investors on Friday for this offering, for which the purchase price is $1 a share.

The warrants are immediately exercisable at an exercise price of $1.10 per share, subject to certain adjustments, and expire on the fifth anniversary of its issuance date.

The gross proceeds from the registered direct offering and concurrent private placement are $1.3 million before deducting offering expenses. The company plans to use the proceeds from this offering for working capital and general corporate purposes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

February 26, 2024 12:24 ET (17:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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