NEW YORK — Chinese cancer diagnostics firm AnPac Bio-Medical Science said on Monday that it has signed definite agreements to sell $5 million in stock through a private placement.
According to AnPac, it signed agreements with unnamed investors for the sale of 16,666,665 million newly issued ordinary shares at a price of $.30 per share, or $6 per American Depositary Share. The transactions are expected to close late this month.
Proceeds of the placement, AnPac said, will be used for working capital and for the expansion of the company's business-to-business Asian food e-commerce operations in the US.
News of the upcoming private placement comes less than two months after AnPac disclosed that it had received notice that its stock faces delisting from the Nasdaq for the firm's failure to maintain a minimum $2.5 million stockholders' equity.
During early Monday morning trading on the Nasdaq, shares of AnPac were down $.11 at $8.39.