China Lending Corp: Drops on $2 mln direct placement

Roan Holdings

06/07/2018 17:30

** Shares of China's lending co  CLDC.O  slump 30 pct to
$2.28 in active trading after it announces a $2 mln direct
placement with 2 institutional investors
    ** Stock top pct decliner on the Nasdaq
    ** Co to sell ~769,232 shares at $2.60/apiece, a 20 pct
discount to stock's last close
    ** Company to also issue to the investors Series A warrants,
which will have a 4 year term, to purchase up to 576,924 shares
at an exercise price of $2.60 per share  urn:newsml:reuters.com:*:nPn7kTr3da
    ** CLDC has 7.1 mln shares free float, per TR data
    ** More than ~924k shares traded, close to its 25-DMA
    ** Stock down 26.5 pct this year including session gains

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))