By Chris Wack
AGM Group Holdings Inc. shares fell 27% to $6.31 after the company said it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of $20 million of its Class A ordinary shares.
The company said the offering consists of the sale of 2.9 million shares in a registered direct offering at $6.90 a share.
Concurrently in a private placement with the same investors for each share purchased by an investor, an investor will receive one-half unregistered warrant for 1.4 million warrants.
The 3.5-year warrants will be exercisable immediately from the date of issuance and have an exercise price of $8.30. The purchase price for one ordinary share and one-half corresponding warrant is $6.90.
The closing of the offering is expected to take place on or about Tuesday.
Write to Chris Wack at chris.wack@wsj.com
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December 10, 2021 at 09:52PM
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AGM Group Shares Drop 27% After Direct Offering Prices - MarketWatch
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