Xinniu Technology (09600) announced that on May 7, 2024, the company plans to use a placement agent to place up to approximately 157.3 million shares to no less than six undertakers at a placement price of HK$0.28 per share, accounting for about 16.67% of the expanded share capital. The placement price is approximately 17.65% off HK$0.34 per share from the closing price of the day.
Assuming that up to approximately 157.3 million shares of the placed shares have all been placed, a net raise of about HK$43.6 million is intended to supplement the Group's general working capital.