Zoomcar Holdings (ZCAR) shares dropped more than 3% in recent Friday trading after the company said late Thursday that it has closed its $9.2 million private placement.
The company said it used the net proceeds to repay about $3.8 million of debt and plans to use the remainder for general corporate purposes and working capital.
Zoomcar said that in connection with the private placement, it issued about 2.1 million units, with each unit sold at an effective unit price of $4.28 and consisted of one common share, two series A warrants and one series B warrant.
Price: 7.50, Change: -0.27, Percent Change: -3.47
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