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AnPac Bio-Medical to Sell $3M in Stock, Warrants

NEW YORK — AnPac Bio-Medical said last week that it has signed an agreement to sell $3.0 million in stock and warrants to certain undisclosed institutional investors.

AnPac, which is also establishing business-to-business Asian food e-commerce operations in the US, separately said on Monday that it has agreed to pay roughly $8.2 million in cash and stock to acquire certain assets from food-service e-commerce company Easy Hundred.

According to AnPac, the stock and warrant offering includes the sale of 625,000 of its American Depositary Shares (ADSs) at $4 apiece, along with prefunded warrants exercisable for 125,000 ADSs and warrants exercisable for 750,000 ADSs. The purchase price of each prefunded warrant is equal to the price of one ADS minus $.0001, with the remaining exercise price of each prefunded warrant equal to $.0001 per share, while the warrants are exercisable for $4 each.

AnPac said it is also issuing warrants for 37,500 ADSs, exercisable at $4.80 each, to Univest Securities, which is acting as the sole placement agent for the offering.

AnPac, which signed agreements to sell $5 million in stock to unnamed investors last month, said it will use the proceeds of the latest offering for R&D, working capital, and general corporate purposes.

Under the terms of the asset purchase agreement, AnPac will acquire certain fixed assets of Easy Hundred, along with intellectual property related to e-commerce platform source codes covering website, apps, and management systems. In exchange, Easy Hundred will receive $730,000 in cash and around 17.7 million AnPac ordinary shares.