Summary by Moomoo AI
XChange TEC.INC announced on September 24, 2024, that it has entered into a Securities Purchase Agreement with VG Master Fund SPC, enabling the company to sell up to $25 million of American Depositary Shares (ADSs) at its discretion. Each ADS represents 600,000 Class A Ordinary Shares, with a minimum purchase amount of $30,000 and a floor price of $0.10 per ADS.The agreement will be effective until July 1, 2025, with sales timing and volume solely at XChange's discretion. The offering has been registered through a prospectus supplement filed with the SEC on September 24, 2024, under the shelf registration statement on Form F-3. VG's beneficial ownership is capped at 9.99% of outstanding Class A Ordinary Shares.The proceeds from any potential sales will be used for working capital and general corporate purposes. XChange TEC operates as an insurance agency and insurance technology business in China, offering various insurance products through major insurance companies and developing SaaS platforms for consumer connection and underwriting support.
