Jerash slides after launching stock offering

Jerash Holdings (US)

29/09/2021 21:58

** Microcap Jerash Holdings  JRSH.O  slides 10% in extended
trading after apparel manufacturer announces stock offering -
shares closed down 3.4% at $7.86 in regular session on Weds
    ** Co commences 1.4 mln share offering, including 400,000
shares to be sold by stockholder Merlotte Enterprise Limited,
per prospectus filing https://www.sec.gov/Archives/edgar/data/1696558/000121390021050573/ea148036-424b5_jerashhold.htm#a_007
    ** JRSH to use net proceeds from 1 mln shares it sells to
fund future expansion of production capacity and for working
capital and general purposes
    ** Co has 11.33 mln shares outstanding and 3 mln shares of
public float
    ** D.A. Davidson and Lake Street Capital Markets jt
bookrunners for offering
    ** YTD, shares up 34%
    ** About 10k shares have traded after the bell as of 1655 ET
vs their 30-day avg volume of ~47k, 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))