NAAS Announces USD 30 Million Private Placement Agreement with an Institutional Investor
release time: 2022年12月02日 10:30

According to SEC, NAAS (NASDAQ: NAAS) announced a legally binding private placement agreement worth USD 30 million with an institutional investor on November 30.

As part of the agreement, the institutional investor would subscribe 57,570,524 newly issued Class-A ordinary shares of NAAS through a private placement at a price of USD 0.5211 per ordinary share, based on the volume-weighted average traded price of NAAS 30 consecutive trading days before the signing date of the agreement (adjusted to account for the 1:10 ADS-to-share ratio), for a total purchase price of USD 30 million.

The share price of NAAS has been fluctuating around USD 5.3 recently. The USD 30 million private placement is conducted at USD 5.211/ADS, implying that there is no discount in the deal and that the institutional investor has a high level of confidence in NAAS. According to the announcement, the deal will be completed this month.

NAAS is one of the largest and fastest-growing electric vehicle charging service providers in China. The company was listed on NASDAQ on June 13 this year, making it the first Chinese charging service provider listed in the US capital market.

According to public filing, NAAS provides one-stop services for charging pile manufacturers, operators, OEMs, enterprises, and fleets (including online and offline services and non-charging services), covering the entire value chain of new energy. As of June 30, 2022, the company's business had access to more than 44,000 charging stations and over 400,000 chargers in 358 cities across the country.

Source: JRJC