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ITP - IT Tech Packaging drops 17% after pricing public offering
IT Tech Packaging Inc.
IT Tech Packaging (ITP) has priced its public offering of ~26.2M common shares and warrants to purchase same number of shares at $0.55/share and warrant.The expected gross proceeds are ~$14.4M.Each five-year warrant is exercisable at $0.55/share. Net proceeds will be used for working capital and general corporate purposes.Maxim Group is acting as sole placement agent.Closing date is January 20, 2021.Shares down 17% premarket.