Espressif Systems (Shanghai) Co., Ltd. (SHSE:688018) announced a private placement of not more than 1,600,000 A shares of face value CNY 1 per share for gross proceeds of not exceeding CNY 250,000,000 on November 9, 2020. The issue price of the shares shall not be lower than 80% of the average price of the company’s stock trading on the 20 trading days before the pricing base date. The transaction will include participation from not more than 35 specific investors. The transaction has been approved by board of directors of the company in its eighteenth meeting of the first board of supervisors. The transaction is subject to the approval shareholders in its 2020 second extraordinary general meeting of shareholders. All securities to be issued pursuant to the transaction are subject to a hold period of 6 months from the date of listing of the shares.