Cubic Digital Technology Co., Ltd. announced a private placement of not more than 192,511,924 A shares pre-plan for gross proceeds of not more than CNY 518,000,000 on September 9, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The shares to be issued shall have a hold period of 6 months from the issuance closing date. The transaction has been approved at the 18th Meeting of the Company's 8th Directorate and the 11th Meeting of the 8th Supervisory Board. The transaction is still subject to approval from company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.