BEIJING, Jan. 31, 2025 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (NASDAQ: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced that it entered into a definitive Securities Purchase Agreement (the "Agreement") with an institutional investor (the "Buyer") on January 27, 2025, pursuant to which the Company issued to the Buyer a senior unsecured convertible note (the "Initial Note") and warrant to purchase additional senior unsecured convertible notes (the "Warrants" and together with the Initial Note, the "Notes"). The closing of the transaction contemplated by the Agreement occurred on January 27, 2025 (the "Closing Date"). The transaction will result in gross proceeds to the Company of $27.5 million. Proceeds from the transaction will enhance Autozi's financial flexibility to support its strategic growth initiatives and expand operational capacity. Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer of Autozi, commented. "This financing represents a significant milestone for Autozi as we strengthen our foundation for sustainable growth and innovation. The capital raised will enable us to execute on three strategic priorities. First, we will actively pursue targeted mergers and acquisitions within China's auto parts supply chain to achieve end-to-end coverage, enhancing our competitive edge and efficiency. Second, we are committed to building a cross-border supply chain platform, which will serve as the cornerstone for our global expansion and overseas market penetration. Third, we will further increase investment in R&D to advance our digital and intelligent platforms ensuring our technology remains at the forefront of industry trends. These initiatives reflect our vision to lead the automotive services sector through innovation, scale, and global reach, ultimately delivering sustainable value for our shareholders and partners." Under the Agreement, the Company will issue an additional Note in the principal amount of $500,000 on the effectiveness date of the registration statement registering the Class A ordinary shares of the Company (the "Ordinary Shares") underlying the Notes. The Warrants are exercisable for additional Notes in an aggregate principal amount of up to $24,000,000 every 90 days following the Closing Date. The Notes are convertible into the Company's Ordinary Shares at a conversion price determined based on the closing sale price of the Company's Ordinary Shares at the time of conversion, subject to adjustment as provided in the Notes. The Notes and Warrants were offered pursuant to exemptions from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506(b) of Regulation D. The Notes, Warrants, and underlying Ordinary Shares have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption. In connection with the transaction, the Company entered into a registration rights agreement, pursuant to which it has agreed to file a registration statement with the U.S. Securities and Exchange Commission ("SEC") to register the resale of the Ordinary Shares issuable upon conversion of the Notes. The Company plans to file a Report of Foreign Private Issuer on Form 6-K with the SEC, which will include details of the Agreement, Notes, Warrants, and the Registration Rights Agreement. Pryor Cashman LLP acted as legal counsel to the Buyer, and Sichenzia Ross Ference Carmel LLP served as U.S. legal counsel to the Company. About Autozi Internet Technology (Global) Ltd.Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector. Forward-Looking StatementsAll statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. These forward-looking statements speak only as of the date of this announcement, and the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, as actual results may be impacted by a variety of factors, including without limitation, changes in macroeconomic conditions, industry dynamics, competitive landscape, regulatory requirements, the Company's ability to successfully implement its growth strategies and effectively manage costs and operations, and unforeseen business challenges. The Company encourages investors to review other factors that may affect its future results in the Company's registration statement, periodic reports, including its Annual Report on Form 20-F and Current Report on Form 6-K, and in its other filings with the SEC. Contact InformationThe Blueshirt GroupJack WangEmail: Jack@blueshirtgroup.co
BEIJING, Jan. 28, 2025 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (Nasdaq: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced its financial results for the fiscal year ended September 30, 2024. The Company also filed its annual report on Form 20-F for the fiscal year ended September 30, 2024 with the Securities and Exchange Commission (the "SEC") on January 27, 2025, U.S. Eastern Time. The annual report can be accessed on the SEC's website at www.sec.gov. Management Commentary Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer of Autozi, commented. "As we conclude a successful fiscal year 2024, I am proud of Autozi's continued progress in advancing our supply chain digitalization platform, which is a core driver of our strategic transformation toward a more intelligent and light-asset business model. Leveraging cutting-edge technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things, we have significantly enhanced our end-to-end digital integration, enabling more efficient collaboration and streamlined processes across the entire supply chain. In addition, we completed our initial public offering on the NASDAQ Global Market in August, further expanding our access to capital, heightening our brand visibility, and marking our entrance to the global stage." Dr. Zhang continued, "Looking ahead, our focus remains on empowering participants across the entire supply chain ecosystem by creating a direct-to-consumer network for auto service shops and car owners, offering seamless, convenient, and reliable one-stop lifecycle services. We are actively exploring opportunities to expand our multi-business ecosystem, pursuing strategic acquisitions in key verticals to strengthen our leadership in the industry. Meanwhile, we remain focused on maintaining stable profitability through disciplined cost management and operational efficiencies. We are also committed to continuing the optimization of our capital structure, ensuring a stronger financial position to support our long-term strategic objectives and create sustainable value for our shareholders." Fiscal Year 2024 Financial Results Revenues increased by 9.9% to $124.7 million in fiscal year 2024 from $113.5 million in the prior year. The Company's revenues were recognized in RMB and reported in U.S. dollar, and the depreciation of the RMB against the U.S. dollar during the fiscal year negatively impacted the reported year-over-year growth rate. On a constant currency basis in RMB terms, the Company's revenues grew by approximately 12.2% year over year. This growth was driven by the Company's strategic shift towards focusing on its auto parts and auto accessories sales segment, which more than offset declines in other business lines. With a continued emphasis on this high-margin, growth-oriented segments, Autozi remains well-positioned for future expansion and sustained improvement in its margin profiles. Revenues from auto parts and auto accessories sales increased significantly by 86.1% to $68.6 million in fiscal year 2024 from $36.8 million in the prior year as a result of successful market expansion and increased sales volume. The increase reflects the Company's ongoing efforts to refine its auto parts and accessories portfolio, establish new partnerships with new customers, and strengthen relationships with existing customers. Revenues from new car sales decreased by 24.3% to $55.8 million in fiscal year 2024 from $73.7 million in the prior year. During the fiscal year, the Company made a strategic decision to gradually scale back its focus on new car sales in response to increasing regulatory complexities, intensifying market competition, shrinking market demand, and decreasing margins in this segment. While the new car sales business continues to provide brand influence and market presence, supporting the broader auto parts and auto accessories operations, the Company does not expect significant future investment in this segment. This shift allows Autozi to prioritize its growth in higher-margin areas with stronger long-term potential. Revenues from automotive insurance-related services decreased to $0.4 million in fiscal year 2024 from $3.0 million in the prior year. This decrease was due to industry-wide regulatory changes that introduced new requirements, which led the Company to discontinue its insurance-related services at the end of fiscal year 2023. While automotive insurance may remain a potential component of our broader ecosystem in the future, any re-engagement in this area will be contingent upon identifying suitable strategic partnerships or acquisition opportunities that align with the Company's long-term growth objectives. Cost of revenues increased by 9.2% to $123.5 million in fiscal year 2024 from $113.0 million in the prior year. This increase reflects changes in the cost structure across various business segments, which are directly aligned with the revenue performance. Gross profit was $1.3 million for fiscal year 2024, an increase of $0.8 million from $0.5 million in fiscal year 2023. This represents a gross profit margin of 1.0% for fiscal year 2024, compared to 0.4% in the prior year. This improvement was primarily driven by stronger profitability in the auto parts and auto accessories sales segment, which reflects the Company's strategic focus on expanding this high-margin business. In fiscal year 2024, revenues from auto parts and auto accessories sales accounted for 55.0% of total revenues, up from 32.5% in fiscal year 2023. Furthermore, increased procurement efforts during the year allowed Autozi to leverage greater bargaining power with upstream suppliers, enhancing profitability in this segment. As a result, the gross profit margin for the auto parts and auto accessories sales segment improved from 1.0% in fiscal year 2023 to 1.8% in fiscal year 2024, underscoring the Company's successful execution of its strategic initiatives in this area. Operating expenses decreased by 14.3% to $6.7 million in fiscal year 2024 from $7.8 million in the prior year. This reduction was a direct result of the Company's ongoing efforts to optimize its cost structure, implement stringent expense control initiatives, and improve operational efficiencies. Sales and marketing expenses increased by 11.4% to $1.3 million in fiscal year 2024 from $1.1 million in the prior year. This increase was primarily attributable to higher market promotion expenses, as the Company strategically invested in business development initiatives to support the rapid growth of its auto parts and auto accessories sales segment. Additionally, the expansion of this segment required maintaining adequate inventory levels, leading to a corresponding rise in warehousing and logistics costs. However, these costs remained in line with revenue growth, underscoring the Company's disciplined approach to balancing investment and operational efficiency while driving long-term growth in its core business. General and administrative expenses decreased by 19.3% to $4.3 million in fiscal year 2024 from $5.4 million in the prior year. The reduction was primarily driven by a $1.6 million decrease in credit losses, which was a result of the full provision for expected losses related to amounts due from affiliated parties in fiscal year 2023. There was no such provisionin fiscal year 2024. This decrease was partially offset by a $0.6 million increase in staff costs, which were associated with bonuses paid to employees following the Company's successful Initial Public Offering during the fiscal year, and a $0.1 million increase in additional consulting and professional service fees as a public company. Research and development expenses decreased by 16.4% to $1.1 million in fiscal year 2024 from $1.3 million in the prior year. This decline was mainly the result of a $0.2 million reduction in staff costs, as the Company entered a more mature phase in the development of its service platform. With the initial R&D phase largely completed, the focus has shifted to platform maintenance and optimization, resulting in a stabilization of R&D expenses. Operating loss narrowed by 25.6% to $5.4 million in fiscal year 2024 from $7.3 million in the prior year. This improvement was a testament to the Company's continued efforts to optimize its cost structure, implement stringent expense control initiatives, improve operational efficiencies, and increase the revenue contribution from the higher-margin auto parts and auto accessories sales segment. Net loss was $11.1 million in fiscal year 2024, compared to a net loss of $10.5 million in fiscal year 2023. The increase in the net loss was primarily due to a $1.5 million increase in litigation-related costs, which primarily consisted of accrued penalties for the repurchase of mezzanine equity. While the Company has taken a prudent approach in accounting for this charge, it does not anticipate any actual cash impact. Excluding this charge, the company's net loss in fiscal year 2024 would have narrowed by 10.5% or $1.0 million to $8.1million. Full Financial Disclosure This press release provides a summary of Autozi's financial results for the fiscal year ended September 30, 2024. It is intended for informational purposes only and does not represent a complete or comprehensive overview of the Company's financial condition. For a detailed understanding of the Company's financial performance, results, and related implications, please refer to the Company's annual report on Form 20-F for fiscal year 2024, filed with the U.S. Securities and Exchange Commission. The Form 20-F contains the Company's audited financial statements, management's analysis, and other key disclosures necessary for a full evaluation of its financial position. Recent Business Developments Autozi's continued focus on digital transformation and its industry integration strategy has significantly contributed to the Company's strong performance and competitive advantage. These efforts have positioned Autozi as a leader in the automotive supply chain ecosystem, paving the way for consolidating this highly-fragmented market and long-term sustainable growth. The Company's supply chain platform has gained widespread market recognition for its advanced capabilities, including cutting-edge data analytics tools, automated processes, and intelligent inventory management. These innovations have significantly improved the efficiency and responsiveness of the supply chain, enabling the Company to better meet customer demands and streamline operations. In recent months, Autozi has forged partnerships with 12 provincial distributors, demonstrating its proactive approach to market expansion and its ability to deepen market penetration. These partnerships have broadened the Company's sales channels and increased market share across diverse regions. Additionally, the establishment of logistics partnerships in eight provinces has strengthened the Company's distribution network, enhancing its ability to provide faster and more reliable delivery services. The shared supply chain resources strategy has not only reduced operating costs but also improved service quality and customer satisfaction. As of September 30, 2024, the participants registered in our platforms included 3,410 auto parts and auto accessories manufacturers, 17,964 auto parts and auto accessories dealers and resellers, 79,351 service stores and garages owners. These achievements underscore the Company's ability to drive operational optimization and resource sharing through digitalization. The resulting expansion of its business scale and improvement in profitability reflect the success of these initiatives. With ongoing enhancements to its digital capabilities and an ever-growing network of partners, Autozi is well-positioned to continue delivering revenue and profit growth in the years to come. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. These forward-looking statements speak only as of the date of this announcement, and the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, as actual results may be impacted by a variety of factors, including without limitation, changes in macroeconomic conditions, industry dynamics, competitive landscape, regulatory requirements, the Company's ability to successfully implement its growth strategies and effectively manage costs and operations, and unforeseen business challenges. The Company encourages investors to review other factors that may affect its future results in the Company's registration statement, periodic reports, including its Annual Report on Form 20-F and Current Report on Form 6-K, and in its other filings with the SEC. Contact InformationThe Blueshirt GroupJack WangEmail: Jack@blueshirtgroup.co AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD. COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) For the years ended September 30, 2023 2024 Revenues 113,541 124,737 Cost of revenues (113,045) (123,484) Gross profit 496 1,253 Operating expenses Selling and marketing expenses (1,137) (1,267) General and administrative expenses (5,370) (4,335) Research and development expenses (1,314) (1,098) Total operating expenses (7,821) (6,700) Operating loss (7,325) (5,447) Other income/(expense) Litigation related expenses (1,456) (2,969) Interest expenses, net (2,060) (2,707) Other income, net 214 17 Investment income 78 - Total other expenses, net (3,224) (5,659) Loss before income tax expenses (10,549) (11,106) Income tax expenses - - Net loss (10,549) (11,106) AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD. CONSOLIDATED BALANCE SHEETS (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) As of September 30, 2023 2024 ASSETS Current assets Cash and cash equivalents 2,120 $ 1,972 Restricted cash - 501 Accounts receivable, net 132 417 Advance to suppliers, net 11,553 6,513 Inventories 889 3,270 Prepayments, receivables and other assets, net 1,803 8,120 Deferred offering cost 1,555 - Amounts due from related parties, net 403 294 Total current assets 18,455 21,087 Non-current assets Property, equipment and software, net 441 427 Operating lease right-of-use assets 139 343 Total non-current assets 580 770 TOTAL ASSETS 19,035 $ 21,857 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings 5,739 8,131 Convertible bonds 4,180 4,346 Accounts payable 1,389 2,868 Deferred revenues 8,913 6,545 Accrued expenses and other current liabilities 11,485 17,189 Payable to redeemable non-controlling interests 14,893 16,616 Lease liabilities, current 352 530 Amounts due to related parties 478 767 Total current liabilities 47,429 56,992 Non-current liabilities Lease liabilities, non-current 17 42 Total non-current assets 17 42 TOTAL LIABILITIES 47,446 57,034 Mezzanine equity Redeemable principal interests (US$0.000001 par value; 28,900,700 and nil shares issued andoutstanding as of September 30, 2023 and 2024, respectively)* 118,860 - Total mezzanine equity 118,860 $ - Shareholders' deficit Ordinary shares (US$0.000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized as of September 30, 2023 and 2024; 73,580,500 and nil shares issued and outstandingas of September 30, 2023 and 2024, respectively)* - - Class A ordinary shares (US$0.000001 par value; 480,000,000,000 and 480,000,000,000 shares authorized as of September 30, 2023 and 2024; nil and 70,386,100 shares issued and outstanding as of September 30, 2023 and 2024, respectively)* - - Class B ordinary shares (US$0.000001 par value; 20,000,000,000 and 20,000,000,000 shares authorized as of September 30, 2023 and 2024; nil and 34,595,100 shares issued and outstanding as of September 30, 2023 and 2024, respectively)* - - Subscription receivable - - Additional paid-in capital 4,579 84,824 Accumulated deficit (166,020) (129,532) Accumulated other comprehensive income 14,699 10,967 Total AUTOZI shareholders' deficit (146,742) (33,741) Non-controlling interests (529) (1,436) Total shareholders' deficit (147,271) (35,177) TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT 19,035 21,857 * The shares and per share information are presented on a retroactive basis to reflect the Company's historic reorganization and share splits. For more information, please refer to the Notes To Combined And Consolidated Financial Statements in the Company's annual report on Form 20-F for the fiscal year ended September 30, 2024.
BEIJING, Nov. 30, 2024 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (Nasdaq: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced that Qirun Investment Co., Ltd. ("Qirun"), one of the Company's principal shareholders wholly owned by Dr. Houqi Zhang, the Company's founder and Chief Executive Officer, has entered into agreements to transfer 2,000,000 shares and 800,000 shares of Autozi's common stock to Leisure Stream Limited and CG Summit Inc., respectively, in exchange for certain strategic consulting services for Qirun (the "Share Transfers"). Kingswood Capital Partners, LLC ("Kingswood"), the underwriter of the Company's recent initial public offering, is waiving a lock-up restriction on 2,800,000 shares held by Qirun to allow the Share Transfers, effective on December 3, 2024. On the same date, each of Leisure Stream Limited and CG Summit Inc. will enter into a lock-up agreement with Kingswood, substantially similar to the terms previously agreed upon with Qirun, under which they committed not to sell, transfer, or otherwise dispose of, directly or indirectly, any shares of the Company acquired through the Share Transer for a period of six months from August 27, 2024, the date of the final prospectus relating to our initial public offering. The Share Transfers are expected to be completed soon. Dr. Zhang commented, "These strategic partnerships represent a personal commitment to exploring new opportunities that could, in the long term, enhance Autozi's presence and capabilities in the global market. By leveraging my personal resources to engage with experienced consulting firms, I aim to lay the groundwork for potential expansion into the North American market. This initiative allows us to assess the landscape without impacting Autozi's current operations or financial standing, ultimately aligning with our goal of delivering value to our shareholders." Specifically, Leisure Stream Limited agreed to provide strategic consulting services to Qirun, including financial analysis and market research related to the U.S. market, in exchange for 2,000,000 shares of Autozi's common stock. CG Summit Inc. agreed to offer business development and talent acquisition services to Qirun Investment Co., Ltd., focusing on introductions to U.S. auto parts supply chain companies, identifying potential advisory board members, and facilitating connections with local dealerships, in exchange for 800,000 shares of Autozi's common stock. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. Autozi, founded in 2010, provides high-quality, affordable and professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Leveraging our online supply chain cloud platform, SaaS platforms, and the network of multiple-brand-service (MBS) stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufactures, and insurance companies with MBS stores and various automotive owners. For more information, visit the Company's website at https://www.autozi.com/en/investor. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. Contact Information The Blueshirt GroupJack WangEmail: Jack@blueshirtgroup.co
BEIJING, Aug. 30, 2024 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (NasdaqGM: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced the closing of its initial public offering (the "Offering") of 2,500,000 Class A ordinary shares at a public offering price of US$4 per Class A ordinary share. The Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol "AZI" on August 28, 2024. The Company received aggregate gross proceeds of US$10 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriter of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 375,000 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis. Net proceeds from the Offering will be used for enhancing our supply chain management capabilities, expanding the size and coverage of our MBS stores network, investment in technology innovations, and general corporate purposes. Kingswood Capital Partners, LLC acted as sole book runner for the Offering. DLA Piper UK LLP served as U.S. counsel to the Company. VCL Law LLP served as U.S. counsel to the underwriter. A registration statement on Form F-1 (File No. 333-281215), relating to the Offering was previously filed with the U.S. Securities and Exchange Commission ("SEC") by the Company, and was declared effective by the SEC on August 27, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained from Kingswood Capital Partners, LLC, 126 E 56th St, Suite 22S, or by telephone at +1 732-910-9692. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities described herein, nor shall there be any sale of the Company's securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. Autozi, founded in 2010, provides high-quality, affordable and professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Leveraging our online supply chain cloud platform, SaaS platforms, and the network of multiple-brand-service (MBS) stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufactures, and insurance companies with MBS stores and various automotive owners. For more information, visit the Company's website at https://www.autozi.com/en/investor. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations: Sherry ZhengWeitian Group LLCPhone: 718-213-7386Email: shunyu.zheng@weitian-ir.com
BEIJING, Aug. 28, 2024 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (NasdaqGM: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced the pricing of its initial public offering (the "Offering") of 2,500,000 Class A ordinary shares at a public offering price of US$4 per Class A ordinary share for total gross proceeds of approximately $10 million, before deducting underwriting discounts and commissions and offering expenses. The Offering is being conducted on a firm commitment basis. The Class A ordinary shares have been approved for listing on the Nasdaq Global Market under the symbol "AZI", and are expected to commence trading on August 28, 2024. The Company has granted the underwriter of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 375,000 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on August 29, 2024, subject to customary closing conditions. Kingswood Capital Partners, LLC is acting as sole book runner for the Offering. DLA Piper UK LLP is acting as U.S. counsel to the Company. VCL Law LLP is acting as U.S. counsel to the underwriter with respect to the Offering. A registration statement on Form F-1 (File No. 333-281215), relating to the Offering was previously filed with the U.S. Securities and Exchange Commission ("SEC") by the Company, and subsequently declared effective by the SEC on August 27, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from Kingswood Capital Partners, LLC, 126 E 56th St, Suite 22S, or by telephone at +1 732-910-9692. Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities described herein, nor shall there be any sale of the Company's securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. Autozi, founded in 2010, provides high-quality, affordable and professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Leveraging our online supply chain cloud platform, SaaS platforms, and the network of multiple-brand-service (MBS) stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufactures, and insurance companies with MBS stores and various automotive owners. For more information, visit the Company's website at https://www.autozi.com/en/investor. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's proposed Offering and the listing of its securities. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations:Sherry ZhengWeitian Group LLCPhone: 718-213-7386Email: shunyu.zheng@weitian-ir.com
DUBAI, UAE, April 1, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, released the latest weekly crypto derivatives analytics report in collaboration with Block Scholes. The report provides insights into macroeconomic developments, the state of crypto spot and derivatives markets, and emerging trading signals. Key insights Since bottoming out on March 11, crypto asset prices have climbed steadily over a two-week period, with BTC briefly surpassing $87,000 and ETH recovering above $2,000. XRP has remained relatively stable, while BTC, ETH, and SOL continue to trade below their year-opening levels. SOL, which hit an all-time high in January following Cboe's Solana Spot ETF filing, also remains down year-to-date. While the broader market has shown signs of recovery, derivatives activity reflects lingering caution. Demand for BTC and ETH put options remains elevated, signaling ongoing hedging behavior. Cautious rebound in perpetuals Perpetual open interest stayed flat for most of the week, underscoring a cautious, risk-off tone. A brief market rebound saw BTC rise to $88,000 — a two-week high — triggering modest increases in perpetual trade volume, primarily driven by BTC. Still, volumes remain significantly below those recorded earlier this month, when U.S. President Donald Trump proposed a national crypto reserve centered on the four largest tokens. Sources: Bybit, Block Scholes Funding rates suggest persistent bearish sentiment Despite lower realized volatility and positive price movement among major assets, BTC and ETH perpetual contracts continued to post negative funding rates. This indicates that short sellers are still paying long positions, an ongoing sign of bearish sentiment. In contrast, large-cap altcoins showed more mixed positioning, with funding rates fluctuating between positive and negative without a clear directional bias. Volatility retreats to yearly lows Implied volatility declined by 3 to 5 points over the past week, with 30-day options now trading at their lowest levels since the beginning of the year. Realized volatility is also nearing the 30% floor last seen in February. As typically observed in low-volatility periods, options market activity has slowed, with open interest remaining low and relatively balanced between puts and calls. Around $40 million in options expired during the week. Access the full report For detailed insights, readers may download the full report. #Bybit / #TheCryptoArk /#BybitResearch About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com. For more details about Bybit, please visit Bybit PressFor media inquiries, please contact: media@bybit.comFor updates, please follow: Bybit's Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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