Pylon Technologies Co., Ltd. announced that it expects to receive CNY 5 billion in funding
June 09, 2022
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Pylon Technologies Co., Ltd. announced a private placement of 46,453,359 A Shares for gross proceeds of not more than CNY 5,000,000,000 on June 9, 2022. The transaction will include participation from not more than 35 subscribers will be legal persons, natural persons or other legal investment organizations, securities investment fund management companies, securities companies, and qualified foreign institutions, trust companies. The issue price is not lower than 80% of the company's average stock trading price in the 20 trading days before the pricing reference date. The final issue price will be approved by the Shanghai Stock Exchange after the issuance application is approved by the China Securities Regulatory Commission. The number of shares to be issued does not exceed 30% of the total share capital of 154,844,533 shares before the issuance. The transaction has been reviewed and approved at the 23rd meeting of the second board of directors of the company, and it still needs to be reviewed and approved by the company's shareholders meeting, the Shanghai Stock Exchange and the China Securities Regulatory Commission. The shares to be issued to shall have a lock up period of 6 months from the closing of the transaction.
On July 25, 2022, the company received acceptance on the transaction from Shanghai Stock Exchange.
Pylon Technologies Co Ltd is a China-based company that mainly provides lithium battery energy storage systems. The Company is mainly engaged in the research, development, production and sales of lithium iron phosphate batteries, modules and energy storage battery systems and provides one-stop energy storage solutions. The Company's main products include energy storage battery systems and battery cells, which are used in home, industrial and commercial, power grids, communication base stations, data centers and other fields. The Company conducts business in domestic and foreign markets.