ReAlpha Tech plunges nearly 50% on stock offering
21/11/2023 15:11
** ReAlpha Tech's AIRE.O stock plunges 43.7% to $4.05
early Tues as real estate services AI firm raises equity
** Stock hits $3.91, lowest since co's debut a month ago
** Co says sold 1.6 mln units comprising one share and
warrants to buy 1-1/2 additional shares for $8 mln raise
** Each unit priced at $5 vs stock's close of $7.19 on Mon
** AIRE shares, which caught the attention of retail
investors, skyrocketed as high as $575.41 on Oct 23 after co's
direct listing on the Nasdaq
** Unprofitable AIRE has ~42.5 mln shares outstanding and
its CEO and chairman, Giri Devanur, owns about 65% of the co,
per SEC filing
** Maxim Group sole placement agent on the stock offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))