The company finalized an agreement on July 28 to offer these shares periodically at prevailing market prices. While the timing and volume of the sales remain at the firm's discretion, management intends to funnel the proceeds into general corporate operations. This includes funding working capital, covering operating expenses, and supporting potential acquisitions or strategic business developments.
Recon Technology Launches $100 Million Equity Offering Program
Beijing-based oilfield services firm Recon Technology has initiated an at-the-market equity offering program, granting the company authority to sell up to $100 million in Class A ordinary shares. The move allows the NASDAQ-listed firm to raise capital through Pacific Century Securities, which will serve as the exclusive sales agent.
The offering will be executed under an existing shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission. The total value of the shares sold is capped at $100 million or the current shelf registration capacity, whichever is lower, provided the aggregate number of shares does not exceed the company’s authorized but unissued stock. Kaufman & Canoles, P.C. is providing legal counsel to Recon Technology, while McCarter & English, LLP represents the sales agent.
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