Kubient Inc: Falls on $16.3 mln share offering

Kubient

23/12/2020 10:52

** Shares of cloud-based software platform for digital
advertising  KBNT.O  down 18.37% at $5.42 premarket 
    ** Co on Tuesday aftermarket announced upsized underwritten
public offering of 3.5 mln shares at $5.10 apiece to raise net
proceeds of ~$16.3 mln  urn:newsml:reuters.com:*:nPn75DRwVa
    ** Offer price is at a 23% discount to stock's last close on
Tuesday
    ** Shares on offer represent ~46% of co's currently 
outstanding stock
    ** Co anticipates to use net proceeds for product
development, working capital, capital expenditures, repayment of
debt, and other general corporate purposes
    ** Maxim Group LLC and Joseph Gunnar & Co LLC are serving as
co-book-running managers for the offering that is expected to
close on or about Dec. 28
    ** KBNT shares are up ~60% since market debut on Aug. 12

 (Reporting by Lasya Priya M in Bengaluru)
 ((LasyaPriya.M@thomsonreuters.com;))