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WiMi Hologram Cloud Raises $83.8M Via Institutional Share Sale In Private Offering At 15% Discount

Benzinga Real-time News ·  Mar 24, 2021 00:02

Hologram Augmented Reality Technology provider WiMi Hologram Cloud Inc (NASDAQ: WIMI) inked an agreement with institutional investors to sell 11.2 million ADS at $7.5 per unit to raise $83.8 million in gross proceeds under an institutional offering.

  • The offer price signified a 14.7% discount to the March 22 closing price of $8.79.
  • Each unit consisted of one American Depositary Shares (ADSs), each representing two Class B shares, and 0.4 warrant to purchase one ADS at $8.60 per ADS.
  • The company did not disclose the purpose of the offering and the use of proceeds.
  • FT Global Capital and The Benchmark Company are the exclusive placement agents connected with the offering.
  • The company share prices have climbed 34.2% in the last six months.
  • Price action: WIMI shares are trading lower by 19.7% at $7.06 on the last check Tuesday.
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