IReader Technology Co., Ltd. (SHSE:603533) announced a private placement of not more than 120,300,000 A shares for gross proceeds of not more than CNY 1,061,111,400 on August 20, 2020. The company will issue shares at a price not less 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.

All shares to be issued will be subject to a lock-up period of 6 months from the date of issuance. The transaction has been approved in the 19th meeting of the second directorate and 16th meeting of the second board of supervisors of the company, and is subject to approval of China Securities Regulatory Commission and shareholders in 3rd special shareholders' meeting of 2020 on September 7, 2020. The transaction will be valid for 12 months from the date of shareholders' approval.