Meten Holding drops on discounted $60 mln share offering

BTC Digital

02/09/2021 11:08

** U.S.-listed shares of Chinese education technology firm
 METX.O  slump 49.5% to $0.46 premarket
    ** Stock top pct loser across all U.S. exchanges and set for
worst day on record
    ** Co prices its 200 mln share offering and pre-funded
warrants to purchase shares at $0.30/shr, implying a discount of
~67.4% as of stock's last close  urn:newsml:reuters.com:*:nPn224Jpya
    ** Pre-funded warrants to be offered at same price per share
as ordinary shares, less $0.01/shr exercise price of each
pre-funded warrant
    ** Offering to close on Sept. 7
    ** Co has 106.33 mln outstanding shares, per Refinitiv data 
    ** METX intends to use gross proceeds of ~$60 mln for
capital expenditure, general corporate and working capital needs
    ** Aegis Capital Corp is acting as sole book-running manager
for the offering
    ** About 5.9 mln shares of company have traded so far today,
~59.4% of their 30-DMA volume
    ** As of last close, stock has fallen by 54% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))