CHARLOTTE, N.C., July 26, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the “Company”) (NASDAQ: CTNT), a provider of warehousing and logistics services, historically in connection with the sale of parallel-import vehicles sourced in the U.S. to be sold in the PRC market, and more recently for the transportation of other goods between the U.S. and the PRC, today announced the closing of its follow-on offering of 6,479,663 shares of Class A common stock of approximately $1.49 million in gross proceeds, before deducting offering related fees and expenses, as previously announced on July 25, 2024.

Cheetah Net intends to use the net proceeds received from the offering for working capital and general corporate purposes.

FT Global Capital, Inc. acted as the exclusive placement agent in connection with the offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company and ArentFox Schiff LLP acted as counsel to the placement agent in connection with the transactions.

The securities described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-280743) filed with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective on July 15, 2024. A final prospectus relating to the offering was filed on July 26, 2024 with the SEC and is available on the SEC’s website at https://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statements. Electronic copies of the prospectus relating to this offering may be obtained from FT Global Capital, Inc., 1688 Meridian Avenue, Ste. 700, Miami Beach, FL 33139.

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

About Cheetah Net Supply Chain Service Inc.

Cheetah Net is a provider of logistics and warehouse services, as well as a facilitator of supply chain financing, historically known for supplying parallel-import vehicles. It purchased automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resold them to its customers, including both U.S. and PRC parallel-import car dealers. The Company now focuses on facilitating non-vehicle trade, providing storage services, logistics services, freight forwarding services, and inventory financing services to its clients. For more information, visit the Company’s corporate website at: https://cheetah-net.com.