Quanergy Systems stock slides after pricing $16.7M securities offering

• Quanergy Systems (NYSE:QNGY) shares fell 68% premarket on Monday after the LiDAR sensor firm priced its $16.7M underwritten public offering of stocks and warrants.
• The offering is comprised of 9.8M units, with each unit consisting of one share of common stock, par value $0.0001 per share, and two warrants to purchase one common share, issued at a public offering price of $1.70/unit.
• Each unit warrant has an exercise price of $1.70 and is exercisable for one share of common stock with a term of five years following the issuance date.
• The underwriter has been granted a 30-day option to purchase up to 1.47M additional shares of common stock, and/or 2.94M unit warrants to purchase 2.94M shares of common stock, solely to cover over-allotments.
• Gross proceeds are estimated to be approximately $16.7M.
• The offering is expected to close on November 2, 2022.