China's Addentax slides after >8,000% pop following Nasdaq listing
01/09/2022 13:09
** Shares of Chinese garment maker Addentax Group Corp
ATXG.O down ~16% premarket, following Nasdaq uplisting and $25
mln public offering
** ATGX on Weds opened at $27 and eventually finished
session at $656.54, up 8,654% from OTC pink sheet close of $7.50
on Tues
** Shenzhen-based firm sold 5 mln shares at $5 with Network
1 Financial Securities acting as sole bookrunner
** Addentax manufactures textiles and garments and provides
logistics services; it reported $12.7 mln of rev and net income
of $78k for year ended Mar 31, 2022, per prospectus filing https://www.sec.gov/Archives/edgar/data/1650101/000149315222024792/form424b4.htm
** Co has ~32 mln shares outstanding
** ATGX currently among top trending tickers on
retail-investor focused forum Stocktwits.com https://stocktwits.com/rankings
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))