Wednesday, September 16, 2020 9:48:06 AM
The company said in a statement it has agreed with certain accredited investors to sell 13.2 million ordinary shares. In a concurrent private placement, the company agreed to issue unregistered warrants to buy up to 11.88 million ordinary shares. The warrants will have an exercise price of $0.55.
The combined purchase price for one ordinary share and a corresponding warrant will be $0.50, 37% lower than Tuesday's stock closing price of $0.79.
Shares fell 40% in early Wednesday morning trading.
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