NVFY - Nova LifeStyle slips pre-market after pricing $3.1M registered direct offering

Nova LifeStyle (NVFY) is down 25.79% pre-market after pricing its registered direct offering, with expected gross proceeds to be ~$3.1M. Proceeds will be used for working capital and general corporate purposes.The furniture company signed definitive agreements with certain institutional investors to buy 1,114,508 of its common shares in a registered direct offering. Additionally, the company will offer unregistered warrants to purchase up to 1,114,508 common shares in a concurrent private placement.The combined purchase price for one common share and a warrant to purchase one common share will be $2.80. The warrants can be exercised at $3.50/share, between six months and five and a half years from the date of issuance.Closing date for the registered direct offering and concurrent private placement is expected to be on or about July 27, 2021.

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Nova LifeStyle slips pre-market after pricing $3.1M registered direct offering