China Commercial Credit, Inc. (NASDAQ:CCCR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On December 1, 2017, China Commercial Credit, Inc. (the “Company”) has entered into a securities purchase agreement (the “Purchase Agreement”) with Long Yi, the Chief Financial Officer of the Company and Yang Jie, a significant shareholder and VP of Finance of the Company (the “Purchaser”) whereby the Company agreed to sell 200,000 shares of common stock (the “Shares”) at a purchase price of $3.50 per Share, for gross proceeds to the Company of approximately $700,000. In connection with the purchase of the Shares, the Purchaser will receive a warrant (the ‘Warrants’) to purchase up to the number of shares of the Company’s common stock equal to 80,000 shares of common stock purchased by the Purchaser to the Purchase Agreement. The Warrants have an exercise price of $4.20 per share, become exercisable on the date of issuance and expire five years from the date of issuance. The offering closed on December 4, 2017.
The Purchase Agreements contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, termination provisions, and other obligations and rights of the parties.
The Company estimates that the net proceeds from the offering will be approximately $685,000.
The offering is being made to the Company’s effective registration statement onForm S-3(Registration Statement No. 333-217473) previously filed with the Securities and Exchange Commission and a prospectus supplement thereunder. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement relating to the offering of the securities has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A copy of the opinion of Hunter Taubman Fischer & Li LLC relating to the legality of the issuance and sale of the securities in the offering is attached as Exhibit 5.1 hereto.
The foregoing descriptions of the Purchase Agreements and the Warrants are qualified in their entireties by reference to the full text of the Form of Purchase Agreement and the form ofWarrant, copies of which are filed herewith as Exhibit 10.1 and Exhibit 4.1, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
China Commercial Credit Inc ExhibitEX-4.1 2 f8k120417ex4-1_chinacomm.htm FORM OF WARRANT Exhibit 4.1 Warrant No. ________ FORM OF COMMON STOCK PURCHASE WARRANT China Commercial Credit,…To view the full exhibit click here
About China Commercial Credit, Inc. (NASDAQ:CCCR)
China Commercial Credit, Inc. is engaged in offering financial services in China. The Company’s operations consist of providing direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses (SMEs), farmers and individuals in the city of Wujiang, Jiangsu Province. Its loan and loan guarantee business is conducted through Wujiang Luxiang Rural Microcredit Co., Ltd. Its financial leasing business is conducted through Pride Financial Leasing (Suzhou) Co. Ltd (PFL). It has over three business lines including, lending, guarantee and financial leasing. For its lending and guarantee services, it provides direct loans and guarantee services, to borrowers located within City of Wujiang, Jiangsu Province of China. In its direct loan business, it provides short-term loans to the borrowers and generates interest income. In its guarantee business, it acts as a guarantor to borrowers applying for short-term direct loans with other lenders and generates fee income.
