ChinaNet Online (CNET) Reports Results for Warrant Exchange Offer
ChinaNet Online Holdings, Inc. (Nasdaq: CNET) announced the final results of its exchange offer (the "Offer"), pursuant to which holders of all 4,121,600 of the Company's outstanding warrants had the opportunity to acquire the Company's shares of common stock through a warrant for share exchange in accordance with the following exchange ratios: (A) with respect to any Series A-1 Warrant, one (1) Share in exchange for every twenty (20) Shares for which such Series A-1 Warrant is exercisable, and (B) with respect to any Series A-2 Warrant, one (1) Share in exchange for every 10 (ten) Shares for which such Series A-2 Warrant is exercisable; provided that each holder must have exchanged all its Series A-1 Warrants and/or all its Series A-2 Warrants pursuant to the terms and conditions thereof.
Based on the final count by the depositary for the Offer, 1,418,800 Series A-1 Warrants were tendered in exchange for approximately 70,940 Shares and 356,800 Series A-2 Warrants were tendered in exchange for approximately 35,680 Shares, for a total of 1,775,600 Warrants (approximately 43% of the outstanding Warrants) exchanged for approximately 106,620 Shares. Following the completion of the Offer, the Company has approximately 22,146,540 Shares outstanding, 642,000 Series A-1 Warrants outstanding exercisable for one Share at an exercise price of $3.00 and 1,704,000 Series A-2 Warrants outstanding exercisable for one Share at an exercise price of $3.75. The depositary for the Offer expects to deliver the Shares to be issued in exchange for tendered Warrants on or about January 11, 2012.
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Based on the final count by the depositary for the Offer, 1,418,800 Series A-1 Warrants were tendered in exchange for approximately 70,940 Shares and 356,800 Series A-2 Warrants were tendered in exchange for approximately 35,680 Shares, for a total of 1,775,600 Warrants (approximately 43% of the outstanding Warrants) exchanged for approximately 106,620 Shares. Following the completion of the Offer, the Company has approximately 22,146,540 Shares outstanding, 642,000 Series A-1 Warrants outstanding exercisable for one Share at an exercise price of $3.00 and 1,704,000 Series A-2 Warrants outstanding exercisable for one Share at an exercise price of $3.75. The depositary for the Offer expects to deliver the Shares to be issued in exchange for tendered Warrants on or about January 11, 2012.
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