Farmmi Inc hits record low on discounted stock offer

Farmmi

13/09/2021 15:30

** Shares of China-based agricultural products distributor
 FAMI.O  sink 51.1% to hit a record low of ~28 cents
    ** Stock second biggest pct. loser on the Nasdaq Composite
index  .IXIC 
    ** Co prices underwritten public offering of 368.26 mln
shares and pre-funded warrants at 22 cents apiece to raise ~$81
mln  urn:newsml:reuters.com:*:nPn84nHTha
    ** Offer price implies a discount of 61.4% to stock's last
close
    ** FAMI intends to use the net proceeds for general
corporate and working capital needs and capital expenditure
    ** Offer is expected to close on Sept. 15
    ** Aegis Capital Corp is acting as the sole book-running
manager for the offer
    ** FAMI has ~189.55 mln shares outstanding worth ~$108.99
mln - Refinitiv data
    ** More than 152.4 mln shares of the Lishui, Zhejiang-based
company trade so far today, ~841.4% of their 30-day moving avg.
volume
    ** As of last close, stock had fallen ~52.1% 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; ;))