CTNT · Cheetah Net Supply Chain Service Inc.

This ATM sales agreement represents a significant capital markets tool for Cheetah Net Supply Chain Service Inc., granting it ongoing, discretionary access to equity financing without the need for separate registration statements for each sale. Unlike traditional underwritten offerings, the ATM structure allows the company to opportunistically raise capital in response to market conditions, internal funding needs, or strategic initiatives—while retaining full control over timing, pricing, and volume through placement notices. The $100 million ceiling provides substantial flexibility, though only $70 million is immediately available under the newly filed April 2, 2026 ATM Prospectus Supplement, which relies on the existing Form S-3 (File No. 333-281820) declared effective September 6, 2024. The 3.0% commission and defined expense reimbursement framework establish clear, predictable issuance costs. Critically, the agreement imposes no mandatory sale obligations on the company and no principal risk on the Sales Agent—aligning incentives around execution discipline rather than underwriting commitment. For investors, this signals management’s intent to maintain balance sheet flexibility and potentially fund growth or working capital needs without diluting shareholders all at once; however, it also introduces uncertainty regarding future dilution magnitude and timing, contingent on market receptivity and company discretion. The absence of use-of-proceeds disclosure in the filing limits insight into strategic intent, but the structure itself reflects a mature, SEC-registered issuer leveraging efficient capital markets infrastructure.