Antelope Enterprise announces up to $100M ATM offering

Antelope Enterprise Holdings Ltd (NASDAQ:AEHL) saw its shares drop 5.5% in after-hours trading on Thursday after the company announced plans for a $100 million at-the-market share offering. The company had entered into an At-the-Market Issuance Sales Agreement with D. Boral Capital LLC, which will allow it to sell up to $100 million worth of Class A ordinary shares at prevailing market prices.

The sales will be at the company's discretion, with the volume and timing determined by the company itself. Antelope Enterprise said the funds raised will be allocated to general corporate purposes, including working capital, capital expenditures, and other business needs. The proceeds from the offering aim to diversify the company's financing channels and enhance its financial flexibility for future strategic initiatives and capital activities.

The maximum offering amount is capped at $100 million or the remaining unissued Class A ordinary shares, whichever is lower. Antelope Enterprise operates in the livestreaming and ecommerce services sector in China, owning a 51% stake in Hainan Kylin Cloud Services Technology Co. Ltd.