Charlotte, N.C. July 25, 2024 - Cheetah Net Supply Chain Service Inc.(Cheetah Net or the Company) (NASDAQ: CTNT) made a significant announcement today, revealing that it has entered into a securities purchase agreement with certain investors for a follow-on offering of 6,479,663 shares of Class A common stock at a price of $0.23 per share.This move is expected to generate gross proceeds of approximately $1.49 million, before deducting offering related fees and expenses.
This development comes in the wake of the Company’s recent activities in the warehousing and logistics space, particularly in connection with the sale of parallel-import vehicles sourced in the U.S.for the PRC market, as well as the transportation of other goods between the U.S.and the PRC.With the share price currently standing at $0.48, this new offering has pushed the share price up by 5.73% during the third quarter of 2024.
Shareholders are likely to be pleased with this news, as the follow-on offering not only demonstrates the Company’s ability to attract investment but also signifies confidence in Cheetah Net’s growth prospects.As the Company continues to expand its operations and solidify its position in the market, investors can look forward to potential opportunities for further growth and profitability in the future.
Overall, the announcement of the follow-on offering is a positive development for Cheetah Net and its shareholders, setting the stage for continued success and value creation for all parties involved.
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