Deal sells 1 million common shares at $1.58 per share to 14 investors
By Devika Patel
Knoxville, Tenn., Nov. 17 – Takung Art Co., Ltd. completed a $1.58 million private placement of stock with 14 investors on Nov. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1 million common shares at $1.58 per share.
Proceeds will be used for general corporate purposes, including infrastructure, product development, marketing and sales and working capital.
The Hong Kong company operates an electronic online platform located at takungae.com for artists, art dealers and art investors to offer and trade in valuable artwork.
| Issuer: | Takung Art Co., Ltd.
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| Issue: | Common stock
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| Amount: | $1.58 million
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| Shares: | 1 million
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| Price: | $1.58
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| Warrants: | No
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| Settlement date: | Nov. 16
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| Stock symbol: | OTCBB: TKATD
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