China Lending's stock plunges 30% to pace all decliners after share offering [MarketWatch]
CHINA LENDING CORP ORDINARY SHARES (CLDC)
US:NASDAQ Investor Relations:
chinalending.com/a/en/investor_relations/news_releases
Company Research
Source: MarketWatch
China Lending's stock plunges 30% to pace all decliners after share offering Shares of China Lending Corp. CLDC, -30.06% plummeted 30% in midday trade Friday, enough to make them the biggest decliner trading on major U.S. exchanges, after the China-based direct-lending company announced a direct placement of $2 million worth of ordinary shares with two institutional investors. The shares were sold at $2.60 a share, or 20% below Thursday's closing price of $3.26. The company will issue 769,232 ordinary shares, and will also issue Series A warrants to buy up to 576,924 shares at an exercise price of $2.60 and Series B warrants to buy up to 462,843 shares to the two institutional investors. The company has about 23.8 million shares outstanding, according to FactSet. Despite the selloff, the stock was still up 26.5% over the past three months, while the S&P 500 SPX, +0.89% has gained 6.1%.
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