By Michael Susin
UP Fintech shares fell Tuesday after the company said it plans to make a public offering of 15 million American depositary shares.
Shares of the Singapore online brokerage firm were down 7.7% in premarket trading. The stock, however, is up nearly 70% since the start of 2024.
The company said each ADS will represent 15 class A ordinary shares, subject to certain conditions.
Proceeds from the offering will be used to boost its capital base and business development, the company added.
Underwriters will have the option to purchase up to an aggregate of 2.25 million additional ADSs at the public-offering price, also under certain conditions, UP Fintech said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
October 22, 2024 08:58 ET (12:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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