Aterian sinks after announcing $20 mln direct offering
30/09/2022 14:22
** Shares of e-commerce marketplace Aterian Inc ATER.O
down 14.2% at $1.69 premarket
** Stock set to open at its lowest in 2-1/2 years
** ATER is offering more than 10.5 mln shares and
accompanying warrants at a combined price of $1.90 a share vs
its last closing price of $1.97 a share
** In addition, co's CEO Yaniv Sarig, CFO Arturo Rodriguez,
Chief Legal Officer and Global Head of M&A Joe Risico and CTO
Roi Zahut are purchasing an aggregate of 116,666 shares and
accompanying warrants to purchase 116,666 shares at a combined
price of $2.10
** Gross proceeds from the sale are expected to be about
$20.2 mln, which co intends to use for working capital, the
conduct of its business and other general corporate purposes;
offering is expected to close by October 4 urn:newsml:reuters.com:*:nGNXQcwC
** The offering is being led by existing shareholder
Armistice Capital Master Fund Ltd
** Co has about 69.5 mln shares outstanding and about 61.9
mln shares of public float, per Refinitiv data; Co has a market
cap of $136.86 mln as of Friday
** Up to Thursday's close, stock had fallen ~52% YTD,
compared with a ~27% decline in the Nasdaq Industrial Index
.IXID
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com))