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Senmiao Technology Shares Slump 20% after $6.5 Million Direct Stock Offering With Warrants for More

05/11/2021 11:22

03:10 PM EDT, 05/11/2021 (MT Newswires) -- Senmiao Technology (AIHS) shares fell more than 20% Tuesday after the Chinese ride-hailing platform operator said it has agreed to a $6.5 million direct stock offering to institutional investors to raise funds for working capital.

The offering priced at-the-market under Nasdaq rules at at $1.175 per share, the company said. Senmioa also plans to issue five-year warrants to the investors to purchase some 5.53 million shares at $1.05 per share. The warrants can be exercised immediately after issue, according to Senmiao.

FT Global Capital is the placement agent for the offering.

Price: 0.84, Change: -0.21, Percent Change: -19.87