LISHUI, China, Sept. 13, 2021 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
the pricing of an underwritten public offering of ordinary shares
and pre-funded warrants to purchase ordinary shares ("Offering"),
with gross proceeds to the Company expected to be approximately
$81 million, before deducting
underwriting discounts and commissions and other estimated expenses
payable by the Company. The Offering equates to 368,261,717 of the
Company's ordinary shares at a price of $0.22 per share. The pre-funded warrants shall be
offered at the same price per share as the ordinary shares, less
the $0.0001 per share exercise price
of each pre-funded warrant. The Company intends to use the net
proceeds from this Offering for general corporate and working
capital needs and capital expenditures. The ordinary shares are
trading on The Nasdaq Capital Market under the symbol "FAMI". The
closing of the Offering is expected to occur on September 15, 2021, subject to customary closing
conditions.
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
The Offering is being made pursuant to an effective shelf
registration statement on Form F-3 (No 333-254036) previously filed
with the U.S. Securities and Exchange Commission (the "SEC") and
declared effective by the SEC on March 16,
2021. A preliminary prospectus supplement and accompanying
prospectus describing the terms of the Offering has been filed with
the SEC and is available on the SEC's website located at
http://www.sec.gov. Electronic copies of the final prospectus
supplement and the accompanying prospectus may be obtained, when
available, by contacting Aegis Capital Corp., Attention: Syndicate
Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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 registration or
qualification under the securities laws of any such state or
jurisdiction.
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is an
agricultural products supplier, processor and retailer of Shiitake
mushrooms, Mu Er mushrooms, other edible fungi and other
agricultural products. For further information about the Company,
please visit: http://ir.farmmi.com.cn/.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including statements relating to the offering,
including as to the consummation of the offering described above,
the expected proceeds from the offering, the intended use of
proceeds and the timing of the closing of the offering. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results.
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SOURCE Farmmi, Inc.