Wang & Lee Group prices 3.53M shares at $3.40 in registered direct offering

Wang & Lee Group entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 3,529,400 ordinary shares at a purchase price of $3.40 per ordinary share, together with Series A warrants to purchase up to 3,529,400 ordinary shares at an exercise price of $3.40 per ordinary share and Series B warrant. The Series A warrants may be exercised on an alternative basis pursuant to which the holder may pay $0.0001 per warrant in exchange for 0.5 times the number of ordinary shares they would receive upon a standard exercise. The Company is also issuing Series B warrants with an initial exercise price of $0.0001 per ordinary share to purchase up to a number of ordinary shares equal to the Maximum Eligibility Number, as will be determined on the Reset Date, subject to the $0.95 floor price per share. The Series A warrants will be exercisable upon issuance and will have a term of five years from the date of issuance. The Series B Warrants will be exercisable three trading days after issuance and shall remain exercisable until exercised in full. Maxim Group is acting as the sole placement agent for the offering. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $12,000,000 before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about March 24, 2025, subject to the satisfaction of customary closing conditions.