DUO - Fangdd Network shares fall after discounted ADS and warrants offering
2023-07-17 11:22:53 ET
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Fangdd Network Group ( NASDAQ: DUO ) plans to raise $8 million through a registered direct offering, the company said Monday.
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Under the offering, the company will issue and sell 11,428,565 American Depositary Shares at $0.70 per ADS and regular warrants to purchase up to an aggregate of 11,428,565 ADSs.
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The offer price represents a 15.7% discount to the stock's closing price of $0.83 on Friday.
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Maxim Group is acting as the sole placement agent in connection with this offering.
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The regular warrants will be issued at an exercise price of US$0.77 per ADS.
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The closing of the offering is expected to occur on or about July 19, 2023.
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The net proceeds from the offering will be used for general corporate purposes.
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Shares -51.2% at 41 cents.
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Fangdd Network shares fall after discounted ADS and warrants offering