Univest Securities, LLC Announces Closing of US$16.5 Million Registered Direct Offering for its Client China Xiangtai Food Co., Ltd. (Nasdaq: PLIN)

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NEW YORK, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Univest Securities, LLC, a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of a previously announced registered direct offering and concurrent private placement with certain investors, raising approximately US$16.5 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, by its client China Xiangtai Food Co., Ltd., (the “Company”)(NASDAQ: PLIN), an emerging growth company engaged in the feed raw material wholesale and retail business. The offering consists of the sale of 17,175,412 ordinary shares in a registered direct offering and warrants to purchase 17,175,412 ordinary shares in a concurrent private placement pursuant to an exemption from the registration requirements of the Securities Act of 1933 provided in Regulation S promulgated thereunder. The warrants will be exercisable 60 days from the date of issuance and have an exercise price of US$1.008. The warrants will expire five years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant was US$0.96.

The Company plans to use the net proceeds from the offering for product research and development, marketing and business development, new business assessment and acquisition, talent acquisition and training, and working capital and general business purposes.

Univest Securities, LLC acted as the exclusive placement agent for this offering. Ortoli Rosenstadt LLP served as counsel to the Company, and Hunter Taubman Fischer & Li LLC served as counsel to Univest Securities, LLC in connection with the Offering.

The sale of the ordinary shares in the registered direct offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-238700), previously filed with the U.S. Securities and Exchange Commission (the "SEC") on May 26, 2020, and declared effective on July 7, 2020. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering were filed with the SEC on November 23, 2021. Copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's website www.sec.gov or by contacting Univest Securities, LLC by email at [email protected] or standard mail to Univest Securities, LLC, 375 Park Avenue, 15th Floor, New York, NY 10022.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About China Xiangtai Food Co., Ltd.

Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd., through the recent acquisition of Chongqing Ji Mao Cang Feed Co., Ltd, engages in the feed raw material and feed formula solutions wholesale and retail business. For more information, please visit http://ir.plinfood.com/.

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company and Univest undertake no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For more information, please contact:

Univest Securities, LLC

Edric GuoChief Executive Officer375 Park Avenue #1502New York, NY 10152Phone: (212) 343-8888Email: [email protected]