Corporate ActionJul 31, 2026, 05:27 PM
Wetouch Technology Sells $38.8M Shares to Controlling Shareholders
AI Summary
Wetouch Technology Inc. entered into share purchase agreements to sell 31,037,830 shares of common stock to its controlling shareholders, Qixun Technology Limited and Qihong Technology Limited. The private placement generated gross proceeds of $38,797,287.50, with shares priced at $1.25 each, a premium to market. The company intends to use these funds to obtain touch-screen complete systems through in-house development or acquisition. The issued shares are subject to a one-year lock-up period.
Key Highlights
- Wetouch Technology sold 31,037,830 common shares.
- Shares were sold to controlling shareholders Qixun and Qihong Technology.
- Gross proceeds from the sale totaled $38,797,287.50.
- The purchase price was $1.25 per share, a premium to market.
- Proceeds will fund acquisition or development of touch-screen systems.
- Issued shares are subject to a one-year lock-up period.
- Closing of the private placement is expected around August 4, 2026.
Price Impact
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