Lizhi Raises $30M Via Secondary Institutional Equity Sale For Online Audio Business Development

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  • Chinese online UGC audio community and interactive audio entertainment platform Lizhi Inc LIZI sold 3.7 million shares in a secondary private institutional offering at $8.14 per share to raise $30 million.
  • The offer price is at par with Lizhi’s Thursday closing price of $8.14.
  • The offering also includes warrants to purchase 2.8 million shares at an exercise price of $8.14.
  • The offering proceeds will be used for its online audio business development in overseas markets and mainland China and other general corporate purposes.
  • Kingswood Capital Markets, a division of Benchmark Investments, Inc is the exclusive placement agent for the offering.
  • Lizhi recently inked a partnership agreement with Alibaba Group Holding Ltd BABA affiliate Ant Group’s blockchain-based technology brand AntChain to facilitate copyright protection of podcasts with blockchain technology.
  • Lizhi held cash and equivalents of $60.1 million (RMB392.2 million) as of Dec. 31, 2020.
  • Price action: LIZI shares traded lower by 0.86% at $8.07 in the premarket session on the last check Friday.
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