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TuanChe Shares Drop 66% After Direct Offering Prices - MarketWatch

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By Chris Wack

TuanChe Ltd. shares were down 66% to $2.40 after the company said it has entered into a definitive agreement with investors for the purchase and sale of 5.5 million American Depositary Shares and warrants to buy 5.5 million ADSs at a combined purchase price of $2.75 per ADS and the associated warrant.

Each associated warrant is exercisable to buy one ADS for $2.75. Each ADS represents sixteen Class A ordinary shares.

The warrant has a term equal to five years from the issuance date.

The proceeds to the company are expected to be $15 million. The transaction is expected to close on or about Wednesday.

The stock hit its 52-week high of $10.74 on Nov. 11, and is down 73% in the last month.

Write to Chris Wack at chris.wack@wsj.com

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