By Chris Wack
FangDD Network Group shares were down 28% to 28 cents after touching an all-time low, one day after the real-estate technology company said it entered into a securities purchase agreement with investors.
The American depositary shares closed Monday’s session down 52% and have fallen 85% in the past 12 months. During Tuesday’s trade, the ADSs slid to 25 cents, their lowest intraday price ever.
The ADSs have struggled to meet Nasdaq’s minimum price of $1 each after closing below that level in late September. In June, FangDD said it has until Dec. 19 to regain compliance.
The direct offering includes the issuance and sale of 11.4 million ADSs at 70 cents each, and regular warrants to buy up to 11.4 million ADSs.
Write to Chris Wack at [email protected]
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