TANH - Tantech plunges on pricing $10M in stock and pre-funded warrants offering

Tantech (NASDAQ:TANH) slumps 66.3% premarket after it priced its earlier announced underwritten public offering of 20M shares and prefunded warrants to purchase shares with gross proceeds expected to be ~$10M. The pre-funded warrants are offered at the same price ($0.5/share) as the shares. Underwriters granted 45-day option to purchase an additional 15% of shares; if option is exercised in full, gross proceeds would be ~$11.5M. Net proceeds to be used for general corporate purposes, including, but not limited to, working capital and other business opportunities. Offer is expected to close on Mar.18.

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Tantech plunges on pricing $10M in stock and pre-funded warrants offering