TIRX - Tian Ruixiang Holdings shares plunge on capital raise

Tian Ruixiang Holdings (TIRX) -23% premarket on pricing follow-on public offering of up to 4.8M units at $7.50 per unit.Each unit consists of one Class A ordinary share and one warrant to purchase one Class A ordinary share exercisable at $8.00 per Class A ordinary share.The company also inked Securities Purchase Agreement to sell 2M units at the initial closing of the offering on or about June 07, 2021. The company expects to receive gross proceeds of $15M and $36M if the maximum number of units are sold in the offering.The company intends to use the net proceeds for building an information data platform, building its intelligent customer service system, establishing a "key customers" department, product research and development and for general corporate purposes.

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Tian Ruixiang Holdings shares plunge on capital raise