METX - Meten Edtechx shares slide on $40M capital raise

Meten EdtechX Education Group (METX) shares down ~25% premarket on pricing public offering of 40M shares at $1 per share, for expected gross proceeds of ~$40M.Underwriters' over-allotment is an additional 15% of public offering. Gross proceeds expected to be ~$46M if the over-allotment option is exercised in full.Net proceeds will be used for working capital and general corporate purposes.The offering is expected to close on May 26.Last week, the company surged higher on reporting +1,910.4% Y/Y in April gross billing and +758.1% Y/Y in student enrollment.

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Meten Edtechx shares slide on $40M capital raise