Cineverse plunges on stock-and-warrants offering
14/06/2023 11:42
** Cineverse Corp's CNVS.O stock plunges 28% to new record
low $2.56 premarket as streaming tech and entertainment co looks
to raise equity
** Co late Tues announced plans to sell stock and warrants;
deal size not disclosed
** Cineverse plans to use net proceeds for working capital
and general purposes, including financing content acquisition
and development
** Alliance Global Partners acting as lead bookrunner
** Co has ~9.5 mln shares outstanding
** CNVS has shed 44% amid 6-session losing streak, recorded
record low close of $3.56 on Tues
** Co last Fri effected 1-for-20 reverse stock split to
increase market price of its shares to meet continued listing
requirements of Nasdaq Capital Market
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))