Antelope Enterprise Announces $1.3 Million Private Placement Led by CEO Will Zhang
Summary
JINJIANG, China, Jan. 12, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a leading social and livestreaming ecommerce platform with 200,000+ anchors and influencers, and a legacy ceramic tiles manufacturing business in China, today announced that it closed a private placement or PIPE (Private Investment in Public Equity) financing with a select group of investors led by the Companys CEO, Mr. Weilai (Will) Zhang. The gross proceeds of the private placement are $1.3 million, before deducting any fees or expenses.The Company plans to use the net proceeds from the offering for the expansion of the Companys social ecommerce business and for general corporate purposes.Will Zhang, CEO of Antelope Enterprise, commented, "We believe that this private placement, led by insiders including myself, will provide us with the financial resources to further strengthen the capabilities of our ecommerce subsidiary, KylinCloud, which is well positioned to expand its footprint in the fast-growing social and livestreaming ecommerce sector in China. Our management team and board of directors are committed to transforming the Company into a leading social ecommerce enterprise and in doing so, creating long-term value for our shareholders. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a leading social and live streaming ecommerce platform with 200,000+ anchors and influencers. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2021 and otherwise in our SEC reports and filings.