TANH - Tantech collapses on pricing $13.7M stock offering

Tantech (NASDAQ:TANH) plunged 55.5% premarket after it priced its earlier announced underwritten public offering of shares with gross proceeds expected to be ~$13.7M. The offering is of 21.1M shares at $0.65/share; underwriters granted 45-day option to purchase 3.2M shares and is the option is exercised in full the gross proceeds will be ~$15.7M. Net proceeds to be used for general corporate purposes. Offer is expected to close on Dec.6. In the last week of November, the company nabbed a major factoring agreement valued at ~$7.8M which is the first ever the company announced since its intention to develop factoring opportunities.

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Tantech collapses on pricing $13.7M stock offering