Wetouch Technology closes $38.8 million private share sale at premium to market

Wetouch Technology Inc., a company traded on the NASDAQ under the ticker symbol WETH, recently completed a private share sale. The company sold 31,037,830 shares of its common stock at a price of $1.25 per share, raising a total of $38,797,287.50 in gross proceeds. This transaction took place on a Tuesday after receiving approval at the company's 2026 Special Meeting of Stockholders.

The shares were purchased by two entities, Qixun Technology (Samoa) Limited and Qihong Technology (Samoa) Limited, through a securities purchase agreement.

The purchase price for the shares was determined to be a premium to the current market value, in compliance with Nasdaq rules, as confirmed by the company in its statement. The sale was conducted as an unregistered offering, which means it utilized exemptions from registration requirements under Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D.

This information was sourced from a press release included in Wetouch Technology's recent SEC filing. The article was created with the assistance of artificial intelligence and subsequently reviewed by an editor to ensure accuracy.