- China Lending Corp. (NASDAQ:CLDC) dives 30% after the micro-lending company agreed to sell $2.0M of ordinary shares at $2.60 each in a direct placement with two institutional shareholders. Shares are currently selling at about $2.28 each.
- CLDC will issue 769,232 ordinary shares to the two investors and will issue series A warrants to buy up to 576,924 ordinary shares at an exercise price of $2.60 per share. The warrants have a term of four years.
- In connection with the offering, the investors will also get Series B warrants to purchase up to 462,843 ordinary shares. If on the 30th day after the deal's closing date, the closing stock price of ordinary shares is less than $2.60, the investors will have the right to exercise the Series B warrants for nominal consideration.
- CLDC reached its 52-week high of $7.75 nine days ago on June 27.
- Source: Press Release
- Previously: China Lending more than doubles on heavy volume (June 26)
- Now read: Financials - Top Gainers / Losers as of 1:00 PM (07/05/2018)
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