The Nasdaq-listed China-based oilfield services company said it may sell Class A ordinary shares from time to time under a July 28 agreement with Pacific Century Securities, with proceeds earmarked for general corporate purposes.
Recon Technology, Ltd said it has entered an at-the-market, or ATM, issuance sales agreement that allows it to offer and sell up to $100 million of its Class A ordinary shares through Pacific Century Securities, LLC. The July 28, 2026 arrangement gives the company flexibility to raise capital over time at prevailing market prices rather than through a single block sale, with the size and timing of any issuance left to management’s discretion. Recon said it expects to use any proceeds for general corporate purposes including working capital, operating expenses, capital expenditures, potential acquisitions, business development activities and other strategic initiatives tied to its growth plans. The shares will be sold under the company’s effective Form F-3 shelf registration statement filed with the SEC (U.S. Securities and Exchange Commission), subject to the lower of $100 million or the company’s available shelf capacity, and cannot exceed its authorized but unissued Class A ordinary shares.