- Integrated Media Technology (IMTE -17.7%) announces direct offering of 708,000 shares priced at $6.50 per share, compared to its yesterday's close of $9.25.
- The gross proceeds will be $4.6M in cash.
- The company says it intends to use the net cash proceeds for the further development of its switchable glass, non plated filter and financial research businesses and general working capital.
- Transaction is expected to close on Mar. 25, 2021.
- "This is a positive move to further strengthen the capital base of the company as the proceeds from the sale of the shares will primarily be used to expand the development of our operations," says Chairman Con Unerkov.
- Previously (March 17): Integrated Media Technology, Takung Art stocks jump on NFT craze
Integrated Media Technology falls 18% after direct stock offering
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Symbol | Last Price | % Chg |
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IMTE | - | - |
Integrated Media Technology Limited |