Abpro Corporation announced that it has entered into a share subscription agreement with Essex Bio-Technology Ltd for the private placement of 616,197 series C preferred stock for gross proceeds of approximately $3,500,000 on January 22, 2016. The shares have a par value of $0.001 per share. The company will also issue 61,619 warrants at an initial exercise price of $2.08 per common share, subject to adjustments in accordance with the terms of the warrants.

The warrants shall be exercisable, at the discretion of the holder, in whole or in part, from the date of its issue and shall expire as of the earliest of the 10th anniversary of the date of warrants or upon the occurrence of one of the events as specified in the warrants. The investor will invest through its wholly owned subsidiary; Essex Bio-Investment Limited. The closing of the transaction is subject to fulfillment of certain conditions.

The closing of the transaction is expected to take place on February 2, 2016.