Cheetah Net Supply Chain Service Inc. Announces Closing of $5.0 Million Initial Public Offering
03 Agosto 2023 - 12:25PM
Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the
“Company”) (NASDAQ: CTNT), a supplier of parallel-import vehicles
sourced in the U.S. to be sold in the PRC market, today announced
the closing of its previously announced initial public offering of
1,250,000 shares of Class A common stock. Each share of Class A
common stock was sold at an offering price of $4.00, for gross
proceeds of $5.0 million, before deducting underwriting discounts
and offering expenses. In addition, Cheetah Net has granted the
underwriters a 45-day option to purchase up to an additional
187,500 shares of Class A common stock to cover over-allotments at
the initial public offering price, less the underwriting discount.
The shares of Class A common stock began trading on The Nasdaq
Capital Market on August 1, 2023, under the symbol “CTNT.”
Maxim Group LLC acted as the sole book-running manager in
connection with the offering. Hunter Taubman Fischer & Li LLC
acted as U.S. counsel to the Company, and Loeb & Loeb LLP acted
as U.S. counsel to Maxim Group LLC in connection with the
offering.
A registration statement on Form S-1, as amended (File No.
333-271185) was filed with the U.S. Securities and Exchange
Commission (the “SEC”), which became effective on July 31, 2023. A
final prospectus relating to the offering was filed on August 2,
2023 with the SEC and is available on the SEC’s website at
http://www.sec.gov. The offering was made only by means of a
prospectus forming part of the effective registration statement.
Electronic copies of the prospectus relating to this offering may
be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New
York, New York 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cheetah Net Supply Chain Service Inc.
Cheetah Net is a supplier of parallel-import vehicles sourced in
the U.S. to be sold in the PRC market. In the PRC, parallel-import
vehicles refer to those purchased by dealers directly from overseas
markets and imported for sale through channels other than brand
manufacturers’ official distribution systems. To the Company’s
knowledge, there are currently no U.S. federal or state laws,
regulations, or rules on trade or export that prohibit the export
of vehicles that will be parallel imported into foreign countries.
The Company purchases automobiles, primarily luxury brands such as
Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market
and resells them to the Company’s customers, including both U.S.
and PRC parallel-import car dealers. The Company derives profits
primarily from the price difference between the Company’s buying
and selling prices for parallel-import vehicles.
Forward-Looking Statements
This press release contains certain forward-looking statements,
including those relating to the anticipated timing of completion of
the offering and other statements that are predictive in nature.
Forward-looking statements are based on the Company’s current
expectations and assumptions. The Private Securities Litigation
Reform Act of 1995 provides a safe-harbor for forward-looking
statements. These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
“anticipate,” “believe,” “continue,” “estimate,” “expect,”
“future,” “intend,” “may,” “outlook,” “plan,” “potential,”
“predict,” “project,” “should,” “will,” “would,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are set forth in the Company’s filings
with the SEC, including its registration statement on Form S-1, as
amended from time to time, under the caption “Risk Factors.”
For more information, please contact:
Cheetah Net Supply Chain Service
Inc. Robert W. CookChief Financial
Officer(704) 972-0209robert.c@cheetah-net.com
LHA Investor RelationsJody
Burfening(212)-838-3777jburfening@lhai.com
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