China's Addentax soars after public offering, Nasdaq listing
31/08/2022 15:19
** Shares of Chinese garment maker Addentax Group Corp
ATXG.O soar after Nasdaq uplisting deal prices
** ATXG last traded at $15.60 before being halted for
volatility. Shares closed at $7.50 on OTC pink sheets on Tues
** Shenzhen-based firm, which manufactures textiles and
garments and provides logistics services, sold 5 mln shares at
$5 for $25 mln raise
** Addentax generated $12.7 mln of rev and net income of
$78k for year ended Mar 31, 2022, per SEC filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1650101/000149315222021270/forms-1a.htm
** Co has ~32 mln shares outstanding post offering
** Network 1 Financial Securities acted as sole bookrunner
(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))