BEIJING, Jan. 31,
2025 /PRNewswire/ -- Autozi Internet Technology
(Global) Ltd. ("Autozi" or the "Company") (NASDAQ: AZI), one of the
leading and fast-growing lifecycle automotive service providers in
China, today announced that it
entered into a definitive Securities Purchase Agreement (the
"Agreement") with an institutional investor (the "Buyer") on
January 27, 2025, pursuant to which
the Company issued to the Buyer a senior unsecured convertible note
(the "Initial Note") and warrant to purchase additional senior
unsecured convertible notes (the "Warrants" and together with the
Initial Note, the "Notes"). The closing of the transaction
contemplated by the Agreement occurred on January 27, 2025 (the "Closing Date"). The
transaction will result in gross proceeds to the Company of
$27.5 million. Proceeds from the
transaction will enhance Autozi's financial flexibility to support
its strategic growth initiatives and expand operational
capacity.
Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer
of Autozi, commented. "This financing represents a significant
milestone for Autozi as we strengthen our foundation for
sustainable growth and innovation. The capital raised will enable
us to execute on three strategic priorities. First, we will
actively pursue targeted mergers and acquisitions within
China's auto parts supply chain to
achieve end-to-end coverage, enhancing our competitive edge and
efficiency. Second, we are committed to building a cross-border
supply chain platform, which will serve as the cornerstone for our
global expansion and overseas market penetration. Third, we will
further increase investment in R&D to advance our digital and
intelligent platforms ensuring our technology remains at the
forefront of industry trends. These initiatives reflect our vision
to lead the automotive services sector through innovation, scale,
and global reach, ultimately delivering sustainable value for our
shareholders and partners."
Under the Agreement, the Company will issue an additional Note
in the principal amount of $500,000
on the effectiveness date of the registration statement registering
the Class A ordinary shares of the Company (the "Ordinary Shares")
underlying the Notes. The Warrants are exercisable for additional
Notes in an aggregate principal amount of up to $24,000,000 every 90 days following the Closing
Date. The Notes are convertible into the Company's Ordinary Shares
at a conversion price determined based on the closing sale price of
the Company's Ordinary Shares at the time of conversion, subject to
adjustment as provided in the Notes.
The Notes and Warrants were offered pursuant to exemptions from
registration under Section 4(a)(2) of the Securities Act of 1933,
as amended (the "Securities Act"), and Rule 506(b) of Regulation D.
The Notes, Warrants, and underlying Ordinary Shares have not been
registered under the Securities Act or applicable state securities
laws and may not be offered or sold in the United States absent registration or an
applicable exemption. In connection with the transaction, the
Company entered into a registration rights agreement, pursuant to
which it has agreed to file a registration statement with the U.S.
Securities and Exchange Commission ("SEC") to register the resale
of the Ordinary Shares issuable upon conversion of the Notes. The
Company plans to file a Report of Foreign Private Issuer on Form
6-K with the SEC, which will include details of the Agreement,
Notes, Warrants, and the Registration Rights Agreement.
Pryor Cashman LLP acted as legal counsel to the Buyer, and
Sichenzia Ross Ference Carmel LLP served as U.S. legal counsel to
the Company.
About Autozi Internet Technology (Global) Ltd.
Autozi
Internet Technology (Global) Ltd. is a leading, fast-growing
provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a
comprehensive range of high-quality, affordable, and professional
automotive products and services through both online and offline
channels across the country. Leveraging its advanced online supply
chain cloud platform and SaaS solutions, Autozi has built a dynamic
ecosystem that connects key participants across the automotive
industry. This interconnected network enables more efficient
collaboration and streamlined processes throughout the entire
supply chain, positioning Autozi as a key driver of innovation and
growth in the automotive services sector.
Forward-Looking Statements
All statements other than
statements of historical fact in this announcement are
forward-looking statements. 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. These
forward-looking statements speak only as of the date of this
announcement, and 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, as actual results may be impacted by a variety
of factors, including without limitation, changes in macroeconomic
conditions, industry dynamics, competitive landscape, regulatory
requirements, the Company's ability to successfully implement its
growth strategies and effectively manage costs and operations, and
unforeseen business challenges. The Company encourages investors to
review other factors that may affect its future results in the
Company's registration statement, periodic reports, including its
Annual Report on Form 20-F and Current Report on Form 6-K, and in
its other filings with the SEC.
Contact Information
The Blueshirt Group
Jack Wang
Email: Jack@blueshirtgroup.co
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SOURCE Autozi Internet Technology (Global) Ltd.
