Urban Tea (MYT) Prices 18.8M Share Registered Direct Offering at $0.32/Sh

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Go back to Urban Tea (MYT) Prices 18.8M Share Registered Direct Offering at $0.32/Sh

Urban Tea, Inc. Announces Pricing of $6.0 Million Ordinary Share Registered Direct Offering

August 14, 2020 9:00 AM EDT

CHANGSHA, China, Aug. 14, 2020 /PRNewswire/ -- Urban Tea, Inc. ("Urban Tea" or the "Company") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, 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 approximately 18.8 million ordinary shares at a price of $0.32 per share. The gross proceeds to Urban Tea are estimated to be $6.0 million before... More