New York, June 25, 2026, 07:10 EDT
- Autozi jumped 75.4% premarket after closing lower Wednesday.
- Filings from this week show potential gross funding of as much as $35.25 million.
- The company is looking to raise $30 million by selling up to 50 million Class A shares at $0.60 each.
- The company reported $187,000 in cash as of March 31. It booked a $13.8 million loss for the first half.
Autozi Internet Technology (Global) Ltd. (NASDAQ:AZI) was indicated at $2.00 as of 7:00 a.m. EDT Thursday, showing a 75.4% jump in premarket action. Shares finished Wednesday at $1.14, down 3.4%. The main Nasdaq session hadn’t started yet; normal trading is from 9:30 a.m. to 4 p.m. Eastern. June 25 is not on Nasdaq’s 2026 holiday schedule.
Autozi shares are up, but getting the full picture means looking at the share count. The company has two deals on the table as of June 22 — a Class A share sale for up to $30 million at $0.60 each, and a convertible note offer for as much as $5.25 million. That $0.60 per share is 47% lower than where the stock closed Wednesday and 70% under the latest premarket price.
Autozi plans to issue up to 50 million Class A shares. As of March 31, its interim balance sheet showed 1.82 million Class A shares and 635,902 Class B shares outstanding. The proposed offering would be about 20 times the total ordinary shares reported then.
The scale of the financing stands out against Autozi’s balance sheet. As of March 31, the company had $187,000 in cash and $43.6 million in current liabilities. Net loss to shareholders was $13.8 million for the half year to March 31. The two new deals, if fully exercised, could pull in as much as $35.25 million in gross proceeds—about 81% of current liabilities before fees, interest or any conversion.
Autozi flagged the note’s overhang risk. The company issued a $2.75 million initial note set to mature June 23, 2027. The note has a 4% original-issue discount and carries a 9.25% interest rate. The conversion price resets every three months to the lower of the current price or 93% of the lowest daily VWAP over the last 10 trading days. In default, the conversion price has a $0.288 floor.
Chief Executive Houqi Zhang said the money will go to “targeted mergers and acquisitions” in China’s auto parts supply chain and to build a “cross-border supply chain platform.” The company said it also plans to use some of the proceeds for R&D on digital and intelligent auto service platforms. GlobeNewswire
Heavy trading has turned the stock into more of a financing play than a straight earnings trade. MarketWatch data pointed to 23.97 million shares changing hands Wednesday, about 5.9 times the 65-day average. Another 18.16 million shares traded before Thursday’s open.
Autozi reported a sharp drop for May. Revenue for the first half sank 63.1% to $29.5 million, and gross profit dropped to $238,000, putting margin at 0.81%. Operating expenses climbed to $15.6 million.
Autozi is also facing a compliance deadline. Nasdaq notified the company in March that it failed to meet the $50 million minimum market value for listed securities and set a deadline of Sept. 21, 2026, for Autozi to fix the issue. The company said at the time that trading was not impacted by the notice.
The $30 million share sale is set to finish in the third quarter, pending terms. The note backer has until 21 months after the June 23 close to pick up the extra $2.5 million in notes.
