IT Tech Packaging: Slumps on discounted pricing for share offer

IT Tech Packaging

15/01/2021 10:52

** U.S.-listed shares of Chinese paper products maker and
distributor  ITP.A   ITP.N  slump 24.46% to 55 cents premarket
    ** Co's public offering of 26.2 mln shares priced at 55
cents apiece, representing a 24.4% discount to stock's last
close  urn:newsml:reuters.com:*:nPn4J923Sa
    ** Gross proceeds from the offer are expected to be ~$14.4
mln
    ** Offer is expected to close around Jan. 20
    ** Maxim Group LLC is acting as the sole placement agent for
the offer
    ** Co plans to use the net proceeds from the offer for
mainly working capital and general corp purposes

 (Reporting by Rithika Krishna)
 ((Rithika.Krishna@thomsonreuters.com;))