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AnPac Bio to Raise $5M in Private Placement

NEW YORK — AnPac Bio-Medical Science said on Monday that it has struck a deal to sell $5 million of shares and warrants to a group of nine investors.

Under the terms of the private placement, AnPac Bio will sell 28,571,428 newly issued Class A ordinary shares at a price of $3.50 per American Depositary Share, $.175 per ordinary share. For each Class A ordinary share purchased, the buyer will also receive from AnPac Bio two unregistered warrants that are exercisable at $4.20 each within two years.

Shanghai-based AnPac Bio said that the sale is expected to take place within three months.

Last week, AnPac Bio announced that it has regained compliance with the Nasdaq's minimum $1 per share bid requirement.