NaaS Technology Announces US$30 Mn Private Placement of Ordinary Shares

The investor has agreed to subscribe for and purchase from the Company, through a private placement, a total of 57,570,524 newly issued Class A ordinary shares of the Company at a price of US$0.5211 per ordinary share, based on the volume-weighted average traded price of American depositary shares of the Company on Nasdaq for the 30 consecutive trading days immediately preceding the date of the agreement (adjusted to account for the 1:10 ADS-to-share ratio), for a total purchase price of US$30 million.

The private placement is subject to customary closing conditions. The closing is expected to take place in December 2022.

The securities to be sold in this private placement have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws.