** Shares of fitness equipment retailer Fitell Corp FTEL.O fall 57% to $2.70
** FTEL says it is raising $10 million by selling about 2 million shares and warrants to an institutional investor in a registered direct offering
** The offering price is $5.02/shr; represents a 20% discount to the FTEL's last close
** Company says the net proceeds will be used for the development and commercial launch of smart fitness equipment and general corporate purposes
** Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering
** FTEL has 20.1 million outstanding shares, with a market capital of $126.4 million, according to data compiled by LSEG
** FTEL gained 432% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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