Gelonghui announced on July 4, 2024. On July 1, 2024, the company signed a securities purchase agreement with investors and issued US$120 million of Class A common shares and warrants to investors through targeted issuance to purchase up to 240 million Class A common shares.

The exercise price of the warrants is $0.20 per share (subject to adjustment according to warrant requirements). They will be exercised from July 1, 2024, and the expiration date will be 5 years after that date. Warrants include standard adjustments to the exercise price, including stock splits, stock dividends, and reclassifications.

Targeted distribution is expected to end around July 18, 2024. The company received approximately US$18 million in revenue from targeted additional distribution. After deducting the issuance expenses expected to be paid by the company, the net proceeds will be used to achieve the operating plans, working capital and other general corporate purposes formulated by the company's board of directors.