- China-based iQIYI ( NASDAQ: IQ ) shares fell nearly 16.5% on Tuesday after the entertainment company proposed an offering of 76.5M shares, or ADSs.
- If the offering is approved, iQIYI ( IQ ) would raise up to $442.3M, assuming underwriters do not exercise the option to buy additional shares.
- Underwriters have the option to purchase an additional 11.475M shares.
- The offering is expected to close on January 19 and is subject to customary closing conditions.
- Last month, iQIYI ( IQ ) said it had released the virtual reality variety game show Memoon Player with the first episode airing on December 9 .
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Why did iQIYI stock dive today? Company proposes selling 76.5M shares