SRIVARU shares slump after it prices its $6.8M public offering

seekingalpha
2024-10-30
  • SRIVARU (NASDAQ:SVMH) said it has priced its public offering of 106.3M units at a public offering price of $0.064 apiece.
  • The firm said each unit will have one share and one warrant to purchase one ordinary share, which can be exercisable for two ordinary shares pursuant.
  • Additionally, the firm has granted the underwriters a 45-day option to purchase up to an additional 15.9M shares and 15.9M warrants to cover over-allotments at the public offering price, less the underwriting discount.
  • The common warrants will be exercisable at $0.096 per share.
  • The firm expects gross proceeds of $6.8M.
  • Shares in the company slumped 46.8% in premarket trade.

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