Corporate ActionJun 5, 2026, 08:06 AM
Zhongchao Inc. Raises $5.6M in Public Offering
AI Summary
Zhongchao Inc. completed a public offering, raising aggregate gross proceeds of $5.6 million before deducting placement agent fees and other estimated expenses. The offering included Class A Ordinary Shares, Pre-Funded Warrants, and Warrants, with an additional allocation option also exercised by investors. All Pre-Funded Warrants and Warrants have since been exercised, resulting in the issuance of a significant number of Class A Ordinary Shares. The company intends to use the net proceeds for general working capital and other corporate purposes.
Key Highlights
- Raised $5.6 million in aggregate gross proceeds from the public offering and additional allocation.
- Initially issued 692,000 Class A Ordinary Shares, 8,567,260 Pre-Funded Warrants, and 9,259,260 Warrants.
- Additional allocation option exercised for 1,111,110 Class A Ordinary Shares and 1,111,110 Warrants.
- All 8,567,260 Pre-Funded Warrants exercised for 8,567,260 Class A Ordinary Shares.
- All 10,370,370 Warrants exercised for 93,333,330 Class A Ordinary Shares via zero exercise price option.
- CEO Weiguang Yang entered a 180-day lock-up agreement for his Class A Ordinary Shares.
- Net proceeds will be used for general working capital and other general corporate purposes.
Price Impact
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