Shares of Haoxi Health Technology Ltd (HAO) fell by about 93% following the announcement that the company has entered into a definitive agreement with investors for a $6.5 million registered direct offering.
The financing includes the sale of 9 million Class A ordinary shares and 16,999,998 pre-funded warrants, at a purchase price of $0.25 per share. Each pre-funded warrant is exercisable into 10.355 shares at an exercise price of $0.0026 per share.
Gross proceeds are expected to total approximately $6.5 million before deducting placement agent commissions and expenses. The offering is expected to close on or about May 12, 2026, subject to customary conditions. Haoxi stated that net proceeds will be used for working capital and general corporate purposes.
Univest Securities, LLC is acting as sole placement agent. The transaction is being conducted under Haoxi's shelf registration statement on Form F-3, which became effective in June 2025.
Haoxi, headquartered in Beijing, provides online marketing solutions for healthcare industry advertisers.
HAO has traded between $0.04 and $2.31 over the past year. The stock is currently trading at $0.04, down 93.55%, hitting a new 52-week low.
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