China Xiangtai Food Raises ~$16M Via Equity Offering

China Xiangtai Food Co Ltd PLIN entered into a securities purchase agreement with certain investors to sell up to $16.13 million of its shares.
Under the agreement, the company has agreed to sell 18.1 million shares in a registered direct offering and warrants to purchase 18.1 million shares in a concurrent private placement.
The warrants will be exercisable 60 days from the date of issuance and have an exercise price of $1.008. The purchase price for one ordinary share and one corresponding warrant will be $0.89.
The company expects the offering to close on or about February 2, 2022, and plans to use the net proceeds for new business assessment and acquisition, product research and development, marketing and business development, and working capital and general business purposes.
Price Action: PLIN shares traded higher by 13.3% at $1.19 on the last check Monday.