MicroAlgo Inc. (the "Company" or "MicroAlgo") (NASDAQ: MLGO) today announced that it has entered into a definitive agreement for the issuance and sale of 2,666,667 private placement units at $1.20 per unit, each unit consisting of one ordinary share of the Company, par value $0.001 per share, ("Ordinary Share") and one warrant entitling the holder to purchase one whole Ordinary Share at an exercise price of $1.35 per whole share. The gross proceeds to the Company from this private offering is approximately $3.2 million.
As a condition to the closing, the Company and the Investor will enter into a Registration Rights Agreement pursuant to which the Company will file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement covering the registrable securities within a reasonable timeframe upon the demand of the Investor.