Recon Technology to sell 10,002,500 shares and warrants at 80c each

Recon Technology announced it has entered into a securities purchase agreement with certain accredited investors on March 15 to purchase approximately $8M worth of its Class A ordinary shares or pre-funded warrants to purchase Class A ordinary shares in lieu thereof in a registered direct offering, and Class A ordinary shares warrants in a concurrent private placement. Under the terms of the securities purchase agreement, the company has agreed to sell 10,002,500 Class A ordinary shares or pre-funded warrants in lieu thereof and warrants to purchase up to 10,002,500 Class A ordinary shares in a concurrent private placement transaction. The purchase price for one ordinary share or pre-funded warrant in lieu thereof and a corresponding ordinary share warrant will be 80c. In addition, ordinary share purchase warrants to purchase an aggregate of up to 8,814,102 ordinary shares previously issued by the company to certain institutional investors on June 16, 2021 will have the exercise price reduced to 80c in connection with this offering if such investors participate in this offering. Maxim Group is acting as the sole placement agent in connection with this offering.