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Pareteum slides 24% after pricing stock offering

Published 11/07/2017, 01:00 PM
© Reuters.  Pareteum slides 24% after pricing stock offering
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  • Subject to recent bouts of choppy trading, Pareteum (NYSEMKT:TEUM) has slid 24% after pricing a public offering of more than 13M share of common stock along with preferred stock and warrants.
  • The company priced its offering of 13,043,478 shares of common stock and/or shares of preferred stock, along with warrants to buy up to 6,521,739 common shares, at $0.92/share of common stock.
  • Each share of common stock and equivalent will be sold with a five-year warrant to purchase another half-share at an exercise price of $1.05 per whole share. Underwriters will get a 45-day overallotment option to buy up to 1,956,522 common shares and/or warrants to buy up to 978,261 shares.
  • Common shares have fallen to $0.821 so far today.
  • The company will get net proceeds of about $10.6M for working capital.
  • Now read: Rosetta Stone launches Amazon (NASDAQ:AMZN) Alexa Skill


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