ChinaNet (CNET) Initiates 4.12M Warrant-for-Common Exchange Offer
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ChinaNet Online Holdings, Inc. (Nasdaq: CNET), has initiated an exchange offer pursuant to which holders of all the Company's outstanding warrants to purchase an aggregate of 4,121,600 shares of the Company's common stock have the opportunity to acquire shares of the Company's common stock through a warrant for share exchange.
The Company will issue the Shares in exchange for the Warrants 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 ten (10) Shares for which such Series A-2 Warrant is exercisable; provided that each holder must exchange all its Series A-1 Warrants and/or all its Series A-2 Warrants pursuant to the terms and conditions thereof.
The Offer will continue for a period of twenty (20) business days from the date of this release and will expire on December 30, 2011, at 5:00 p.m., Eastern Time, or for such additional time as is required under applicable law.
The Company will issue the Shares in exchange for the Warrants 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 ten (10) Shares for which such Series A-2 Warrant is exercisable; provided that each holder must exchange all its Series A-1 Warrants and/or all its Series A-2 Warrants pursuant to the terms and conditions thereof.
The Offer will continue for a period of twenty (20) business days from the date of this release and will expire on December 30, 2011, at 5:00 p.m., Eastern Time, or for such additional time as is required under applicable law.
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