IReader Technology Co., Ltd. announced that it expects to receive CNY 699.999997 million in funding from Dagze Bairuixiang Venture Investment Management Co., Ltd.
March 16, 2020
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IReader Technology Co., Ltd. (SHSE:603533) announced that it has entered into a subscription agreement with new investor Dagze Bairuixiang Venture Investment Management Co., Ltd. for a private placement of not more than 38,674,033 A shares of par value CNY 1 per share at a price of CNY 18.10 per share for gross proceeds of not more than CNY 699,999,997.30 on March 17, 2020. As a part of the transaction, the investor will acquire 8.8% stake in the company. The shares to be issued will be subject to a lock up period of 24 months. The transaction has been approved in the fifteenth meeting of the second directorate of the company, and is subject to approval from company’s shareholders and China Securities Regulatory Commission.
IReader Technology Co., Ltd is a China-based company principally engaged in the provision of Internet digital reading services and value-added services. The value-added services mainly include the content related value-added services, such as copyright business; the hardware related value-added services, such as hardware products business; the traffic related services such as game intermodal and advertising marketing businesses. The Company mainly provides digital reading services through the brand of Palm Reading. The Company mainly operates its business in domestic market.
IReader Technology Co., Ltd. announced that it expects to receive CNY 699.999997 million in funding from Dagze Bairuixiang Venture Investment Management Co., Ltd.