Luxury Car Rental Bat Group Raises $585,000 in Private Offering

The company, which shifted its line of business last year from financial services, sold 1.69 million of its shares to an undisclosed non-U.S. investor.

Author: Belinda Zhou   

Bat Group Inc. (Nasdaq: GLG) sold 1.69 million of its shares to non-U.S. investors, raising approximately $585,000, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.

The luxury car rental priced its stock at 35 cents per share, at a 22% discount from the closing price of 45 cents per share on Monday.

"The net proceeds of the Offering shall be used by the Company in connection with the Company's operation of certain used luxurious car leasing, general corporate purposes, working capital, or other related business as approved by the board of directors of the Company," China Bat stated in its filing.

Last month, the Beijing-based company announced that it has regained compliance with Nasdaq Listing Rule after receiving a warning from the Nasdaq stock market on the grounds that its share price has fallen below the minimum listing requirements in July.

In May, the company announced it expected to raise approximately $1.5 million in a direct offering and concurrent private placement.

China Bat Group formerly provided financial services under the name China Commercial Credit Inc. (Nasdaq: CCCR). It shifted its line of business and executed a name change a year ago.

Shares in Bat Group closed at 46 cents per ADS, up more than 5% on Wednesday in New York.