Tantech Holdings (TANH) Announces $2.8 Million Private Placement

March 24, 2023 9:30 AM EDT

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Tantech Holdings Ltd

(NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today announced that it has closed a private placement transaction, in which the Company sold to individual purchasers an aggregate of 1,000,000 common shares, par value $0.24 per share (the "Shares"), at a price of $2.8 per share for aggregate gross proceeds of $2.8 million. The Company intends to use the proceeds from this offering for working capital and general corporate purposes.

On February 21, 2023, the Company entered into a securities purchase agreement with non-U.S. individual purchasers (the "Purchasers") for the aforementioned placement offering. The Shares were sold in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on Regulation S thereunder. Each of the Purchasers understands that the Shares have not been registered under the Securities Act and such Purchasers may not sell or otherwise dispose of the Shares without registration under the Securities Act and under applicable state securities or "Blue Sky" laws, or pursuant to an exemption therefrom.

For a more complete description of the private placement offering, please see the Company's current report on Form 6-K to be filed with the Securities and Exchange Commission.

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