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MAAS Announces A Private Placement of Class A Ordinary Shares and Warrants

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Maase (NASDAQ: MAAS) has announced a private placement agreement to issue 10 million Class A ordinary shares at $2.08 per share, along with warrants to purchase up to 20 million additional shares. The transaction is expected to generate $21 million in gross proceeds.

The warrants are structured in two tranches: 50% exercisable at 200% of the purchase price and 50% at 250%. Post-transaction, MAAS will have 25.9 million total outstanding shares. The largest investor will hold approximately 19.29% of shares but only 0.73% voting power due to the dual-class structure. The closing is expected by end of July 2025.

Maase (NASDAQ: MAAS) ha annunciato un accordo di collocamento privato per l'emissione di 10 milioni di azioni ordinarie di Classe A al prezzo di 2,08 $ per azione, insieme a warrant per l'acquisto di fino a 20 milioni di azioni aggiuntive. L'operazione dovrebbe generare 21 milioni di dollari di proventi lordi.

I warrant sono strutturati in due tranche: il 50% esercitabile a 200% del prezzo di acquisto e il restante 50% a 250%. Dopo la transazione, MAAS avrà un totale di 25,9 milioni di azioni in circolazione. Il maggior investitore deterrà circa il 19,29% delle azioni, ma solo lo 0,73% del potere di voto a causa della struttura a doppia classe. La chiusura è prevista entro la fine di luglio 2025.

Maase (NASDAQ: MAAS) ha anunciado un acuerdo de colocación privada para emitir 10 millones de acciones ordinarias Clase A a 2,08 $ por acción, junto con warrants para comprar hasta 20 millones de acciones adicionales. Se espera que la transacción genere 21 millones de dólares en ingresos brutos.

Los warrants están estructurados en dos tramos: el 50% ejercitable a 200% del precio de compra y el 50% a 250%. Tras la transacción, MAAS tendrá un total de 25,9 millones de acciones en circulación. El mayor inversor poseerá aproximadamente el 19,29% de las acciones, pero solo el 0,73% del poder de voto debido a la estructura de doble clase. El cierre se espera para finales de julio de 2025.

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Maase (NASDAQ : MAAS) a annoncé un accord de placement privé pour émettre 10 millions d'actions ordinaires de Classe A au prix de 2,08 $ par action, ainsi que des bons de souscription permettant d'acheter jusqu'à 20 millions d'actions supplémentaires. Cette opération devrait générer 21 millions de dollars de produit brut.

Les bons de souscription sont structurés en deux tranches : 50 % exerçables à 200 % du prix d'achat et 50 % à 250 %. Après la transaction, MAAS comptera 25,9 millions d'actions en circulation. Le principal investisseur détiendra environ 19,29 % des actions, mais seulement 0,73 % du pouvoir de vote en raison de la structure à double catégorie. La clôture est prévue d'ici la fin juillet 2025.

Maase (NASDAQ: MAAS) hat eine Privatplatzierungsvereinbarung angekündigt, um 10 Millionen Class-A-Stammaktien zu einem Preis von 2,08 $ pro Aktie auszugeben, zusammen mit Warrants zum Kauf von bis zu 20 Millionen zusätzlichen Aktien. Die Transaktion soll 21 Millionen US-Dollar Bruttoerlös generieren.

Die Warrants sind in zwei Tranchen strukturiert: 50 % ausübbar zu 200 % des Kaufpreises und 50 % zu 250 %. Nach der Transaktion wird MAAS insgesamt 25,9 Millionen ausstehende Aktien haben. Der größte Investor wird etwa 19,29 % der Aktien halten, aber aufgrund der Dual-Class-Struktur nur 0,73 % Stimmrecht besitzen. Der Abschluss wird bis Ende Juli 2025 erwartet.

Positive
  • Expected to raise $21 million in gross proceeds to support business operations
  • Structured warrant exercise prices at 200% and 250% of purchase price, indicating potential upside confidence
  • Strengthens working capital position for general corporate purposes
Negative
  • Significant dilution with 10 million new shares being issued, increasing share count by ~63%
  • Additional potential dilution of 20 million shares if warrants are exercised
  • Private placement at $2.08 per share may indicate pricing pressure

Insights

MAAS is raising $21M through private placement at $2.08/share with additional warrants, significantly diluting existing shareholders.

MAAS is executing a significant capital raise through a private placement, issuing 10 million Class A ordinary shares at $2.08 per share, generating approximately $21 million in gross proceeds. The transaction includes warrants for an additional 20 million shares with exercise prices at 200% and 250% of the purchase price, creating substantial potential future dilution.

The financing will increase MAAS's outstanding shares from 15.9 million to 25.9 million shares, representing a 62.8% dilution for existing shareholders. Post-transaction, the lead investor will hold 19.29% of outstanding shares but only 0.73% of voting power due to the company's dual-class structure that preserves insider control.

This capital raise is structured as a PIPE (Private Investment in Public Equity) transaction under Section 4(a)(2) of the Securities Act, bypassing the more rigorous registration requirements of public offerings. The $2.08 share price appears to reflect current market conditions, though the company didn't disclose whether this represents a discount to recent trading prices.

The vague description of intended use of proceeds for "business plans," "working capital," and "general corporate purposes" lacks specificity about strategic priorities, suggesting this may be primarily aimed at strengthening the balance sheet rather than funding specific growth initiatives.

CHENGDU, China, July 03, 2025 (GLOBE NEWSWIRE) -- Maase Inc. (NASDAQ: MAAS) (“MAAS� or the “Company�) today announced the execution of a definitive share purchase agreement (the “Agreement�) with certain investors, pursuant to which the investors have agreed to subscribe for, and the Company has agreed to issue and sell to the investors, (i) an aggregate of 10,000,000 Class A ordinary shares, par value US$0.09 per share, of the Company, at a purchase price of $2.08 per share (the “Per Share Purchase Price�) (the “Share Issuance�), and (ii) warrants to purchase up to 20,000,000 additional Class A ordinary shares of the Company. The transaction is expected to generate approximately $21 million in gross proceeds from the Share Issuance.

The exercise price of the warrants is structured in two tranches: 50% of the warrants are exercisable at 200% of the Per Share Purchase Price, with the remaining 50% exercisable at 250%. Upon the closing of the Share Issuance, the Company will have a total of 25,917,241 ordinary shares outstanding, consisting of 19,250,573 Class A ordinary shares and 6,666,668 Class B ordinary shares. Upon closing of the Share Issuance, the largest investor in this transaction is expected to hold approximately 19.29% of the Company’s total outstanding ordinary shares, representing 0.73% of the total voting power due to the Company’s dual-class share structure, assuming no exercise of the warrants.

The transaction is expected to close by the end of July 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds to support the execution of its business plans as determined by its board of directors, to augment general working capital, and for other general corporate purposes.

The Class A ordinary shares are being issued and sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act�), which have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Maase Inc.

Founded in 2010 and formerly known as Highest Performances Holdings Inc., we have evolved with a vision to become a leading provider of intelligent technology-driven family and enterprise services. Our mission is to enhance the quality of life for families worldwide by leveraging two primary driving forces: technological intelligence and capital investments. We are dedicated to investing in high-quality enterprises with global potential, focusing on areas such as asset allocation, education and study tours, healthcare and elderly care, and family governance.

We currently hold controlling interests in two leading financial service providers in China. The first is AIFU Inc., a technology-driven independent financial service platform traded on the Nasdaq. The second is Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.

Forward-looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When MAAS uses words such as “may�, “will�, “intend�, “should�, “believe�, “expect�, “anticipate�, “project�, “estimate� or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from MAAS’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: MAAS’s ability to obtain proceeds from the Agreement; MAAS’s goals and strategies; MAAS’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets MAAS serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by MAAS with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in MAAS’s filings with the U.S. Securities and Exchange Commission, which are available for review at . MAAS undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Maase Inc.



For more information, please contact:

Maase Inc.
Tel: +86-028-86762596
Email: [email protected]

FAQ

What is the size and price of MAAS's private placement offering?

MAAS is offering 10 million Class A ordinary shares at $2.08 per share, expected to raise $21 million in gross proceeds.

How many warrants is MAAS issuing and at what exercise price?

MAAS is issuing warrants for 20 million additional shares, with 50% exercisable at 416% per share and 50% at 520% per share.

What will MAAS use the private placement proceeds for?

The proceeds will be used to support business plans, augment working capital, and for general corporate purposes.

How will MAAS's share structure change after the private placement?

Post-offering, MAAS will have 25.9 million total shares, comprising 19.3 million Class A and 6.7 million Class B shares.

What percentage will the largest investor hold in MAAS after the placement?

The largest investor will hold 19.29% of total shares but only 0.73% of voting power due to the dual-class share structure.
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