Apparel maker Jerash drops after pricing share offering

Jerash Holdings (US)

30/09/2021 12:45

** Microcap Jerash Holdings  JRSH.O  down ~9% premarket
after co prices follow-on
    ** Apparel manufacturer late Weds announced 1.4 mln shares
at $7, including 400,000 shares sold by holder Merlotte
Enterprise Limited  urn:newsml:reuters.com:*:nACScm4QQa
    ** Offering prices at ~11% discount to stock's last close
    ** JRSH to use net proceeds from 1 mln shares it sold to
fund production capacity expansion
    ** Co has ~11.3 mln shares outstanding and 3 mln shares of
public float
    ** D.A. Davidson and Lake Street Capital Markets jt
bookrunners for offering
    ** Stock has risen 34% YTD
    ** About 4.4k shares have traded so far before the bell vs
their 30-day avg volume of ~49k, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))