Code Chain New Continent (CCNC) Announces Pricing of $25 Million Registered Direct Offering of Common Stock, Warrants

February 18, 2021 8:47 AM EST

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Code Chain New Continent Limited (the "Company" or "Code Chain") (NASDAQ: CCNC), a leading eco-technology company, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase (i) an aggregate of 4,166,666 shares of the Company's common stock (the "Shares") and warrants to purchase up to an aggregate of 1,639,362 shares of common stock (the "Registered Warrants") in a registered direct offering and (ii) warrants to purchase up to an aggregate of 2,527,304 shares of common stock (the "Unregistered Warrants") in a concurrent private placement. The combined per share purchase price will be $6.00 per Share.

Under the terms of the securities purchase agreement, the Registered Warrants will be immediately exercisable, will expire 5 years after the date of issuance and will have an exercise price of $6.72 per share, subject to certain adjustments as provided in the Registered Warrants. The Unregistered Warrants will be first exercisable on the earlier of (i) six months from the issuance date or (ii) the date that the Company obtains stockholder approval for the sale of all of the securities in the registered direct offering and concurrent private placement, if such approval is obtained. The Unregistered Warrants will expire 5.5 years after the date of issuance and will have an exercise price of $6.72 per share, subject to certain adjustments as provided in the Unregistered Warrants.

The gross proceeds of the offering are expected to be approximately $25 million, before deducting placement agent fees and other estimated offering expenses. The Company plans to use the net proceeds from the offering for working capital and general business purposes. The closing of the offering is expected to take place on or about February 22, 2021, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the exclusive placement agent for this offering. Ortoli Rosenstadt LLP serves as counsel to the Company, and Sullivan & Worcester LLP serves as counsel to Univest Securities, LLC in connection with the Offering.



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