Autozi receives $10 million from controlling shareholder

Autozi Internet Technology (Global) Ltd. (NASDAQ: AZI) received $10 million in share subscription proceeds from its controlling shareholder, the company announced Thursday.

The automotive e-commerce platform operator said it plans to issue shares to the controlling shareholder at a 30% premium to market price at an appropriate time. The subscription proceeds have been fully received, according to the company.

Autozi stated the share issuance and registration will be implemented in phases following completion of corporate governance procedures and applicable disclosure requirements.

The company said the controlling shareholder's participation at the agreed subscription price demonstrates confidence in Autozi's development strategy and business prospects. Upon completion of the capital increase, the company expects to optimize its capital structure and balance sheet while supporting continued investment in core businesses.

Autozi plans to use the funding to invest in technology research and development, product upgrades, and market channel expansion. The company also said the capital will enhance its resilience to industry competition and cyclical fluctuations.

The Beijing-based company operates automotive e-commerce platforms that provide services including new car sales, parts procurement, and logistics coordination. Autozi uses internet technologies and big data analytics tools to serve global automotive industry participants.

The information is based on a company press release statement.

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