Yulong Eco-Materials: Tumbles on deep-discounted private stock deal

Yulong Eco-Materials

07/11/2018 14:22

** Shares of China-based company  YECO.O , which makes
eco-friendly building products, plunge 21.5 pct at $5.48
premarket on private offering
    ** To sell 1 mln ordinary shares at $3/shr to an
institutional investor, which implies a 57 pct discount to
stock's last close; offering size represents 91 pct of co's free
float 
    ** Under purchase deal, co will also issue a warrant to
purchase up to 1 mln shares at exercise price of $5/shr
 urn:newsml:reuters.com:*:nGNX1xb2YC
    ** Stock has soared 158 pct this year

 (Reporting by Amy Caren Daniel in Bengaluru)
 ((Reuters Messaging:
Amy.CarenDaniel.thomsonreuters.com@reuters.net))