Netcapital drops on public offering of 1.2 mln shares

Netcapital

14/12/2022 12:38

** Shares of fintech co Netcapital Inc  NCPL.O  down 29.09%
at $1.56 premarket
    ** NCPL announces underwritten public offering of more than
1.2 mln shares at $1.4 a share, for gross proceeds of $1.7 mln
    ** Co has granted underwriters a 45-day option to purchase
up to an additional 187,000 shares of common stock at the public
offering price less discounts and commissions, solely to cover
over-allotments
    ** Offering expected to close on Dec 16, 2022
    ** NCPL intends to use net proceeds from offering primarily
for general corporate purposes, capital expenditures, working
capital and general and administrative expenses
    ** Co has a market cap of $10.16 mln, as of Wednesday
-Refinitiv data
    ** Shares down 85.3% YTD, as of last close
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))