Cheetah Net (NASDAQ: CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market, recently announced the closing of its initial public offering of 1,250,000 shares of Class A common stock. The company secured gross proceeds of $5.0 million, with each share of Class A common stock sold at an offering price of $4.00. In addition, Cheetah Net granted the underwriters a 45-day option to purchase up to an additional 187,500 shares of Class A common stock to cover over-allotments at the initial public offering price, less the underwriting discount. The Class A shares began trading under the symbol CTNT on the Nasdaq Capital Market on Aug. 1, 2023. Maxim Group LLC acted as sole book-running manager for the offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the company, and Loeb & Loeb LLP acted as U.S. counsel to Maxim Group LLC in connection with the offering.
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About Cheetah Net Supply Chain Service Inc.
Cheetah Net is a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems. To the company’s knowledge, there are currently no U.S. federal or state laws, regulations or rules on trade or export that prohibit the export of vehicles that will be parallel imported into foreign countries. The company purchases automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resells them to the company’s customers, including both U.S. and PRC parallel-import car dealers. The company derives profits primarily from the price difference between the company’s buying and selling prices for parallel-import vehicles.
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