Jianzhi Education Technology Group (JZ) said Tuesday it has entered into a securities purchase agreement with institutional investors to sell 5 million American depositary shares and series A warrants to buy up to 5 million ADSs.
The combined offering price for each ADS and warrant is $1, the company said, with gross proceeds expected to be about $5 million.
Net proceeds from the sale, expected to close Wednesday, will be used for working capital and general corporate purposes, Jianzhi said.
Jianzhi Education shares were 79% lower in Tuesday trading.
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