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.
Belinda Zhou
Oct 10,2019,06:55

Bat Group, Inc. (Nasdaq: GLG) disclosed on Tuesday that it sold 1.69 million shares to non-U.S. persons with $585,000, seeing its stock drop and then rebound Wednesday.

The luxurious car rental service provider priced its stock at $0.35 per American depositary share, which is 22% discount from its closing price of $0.45 apiece Monday.

The Beijing-based company announced that it regained compliance with Nasdaq Listing Rule in September after receiving a warning from the Nasdaq stock market in July.

The company sold in May approximately $1.5 million worth of its common stock and announced a concurrent private placement about warrants to purchase up to approximately 1.08 million shares of its common stock.

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 5.2% Wednesday.

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