Wellchange Holdings (WCT) shares were down nearly 1% in Tuesday's premarket activity after the company said it offered up to 25 million shares, on a best-efforts basis, for an assumed price of $0.40 per share.

The company said its shares, listed on the Nasdaq under the symbol, "WCT," have experienced volatility, with trading prices ranging from a low of $0.94 to a high of $9.36 between Oct. 3 and Dec. 20.

The securities will be offered at a fixed price, the company said, adding that the offering is expected to close within 60 business days.

The proceeds from the sale will be available for immediate use, though the company said there is uncertainty regarding the effectiveness of deploying the funds in its business plan.

Price: 1.00, Change: -0.01, Percent Change: -0.99