Urban Tea turns cold on discounted stock offering

Bit Brother

25/06/2020 18:51

** Shares of specialty tea retailer  MYT.O  plunge ~36% to
71 cents, snap 2-day winning streak
    ** MYT to sell about $5 mln ordinary shares in a registered
direct offering  urn:newsml:reuters.com:*:nPn12yjWTa
    ** Urban Tea to sell 9 mln shares at $0.555/share
    ** Pricing represents a discount of ~49% to stock's
Wednesday close; offering expected to close on or about June 29
    ** MYT has 36.2 mln shares outstanding for ~$40 mln market
cap, per Refinitiv data
    ** Stock up 7.3% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776;))