Urban Tea (MYT) Prices 15M Share Registered Direct Offering at $0.40/Sh

Urban Tea, Inc. (NASDAQ: MYT) announced today that it has entered into a securities purchase agreement with certain accredited investors to sell $6.0 million of its ordinary shares in a registered direct offering.

Under the terms of the purchase agreement, Urban Tea has agreed to sell 15.0 million ordinary shares at a price of $0.40 per share. The gross proceeds to Urban Tea are estimated to be $6.0 million before deducting the placement agent fees and other estimated offering expenses. The registered direct offering is expected to close on or about August 3, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC acted as sole placement agent for the offering.

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