By Katherine Hamilton
FingerMotion shares slid Friday after the company said it entered a $5 million share purchase agreement.
The stock fell 35% to $1.30 in late-morning trading, continuing a downward slide this year that has seen it lose about 64% of its value.
The Singapore-based tech company, which specializes in mobile payment and recharge platforms, said it entered an agreement to sell about 3.3 million shares, and warrants to purchase up to 5 million shares, for a combined public offering price of $1.50 a share. The warrants will have an exercise price of $1.50 a share.
The offering is expected to close on or around Dec. 23. Roth Capital Partners is the exclusive placement agent for the offering, FingerMotion said.
FingerMotion plans to use the proceeds, which it expects to be around $5 million before fees and expenses, for general corporate purposes, it said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 20, 2024 11:07 ET (16:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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