BUZZ-Fitell Corp tumbles after pricing stock offering

Reuters

Feb 08, 2025

** Shares of fitness equipment retailer Fitell Corp FTEL.O fall 57% to $2.70

** FTEL says it is raising $10 million by selling about 2 million shares and warrants to an institutional investor in a registered direct offering

** The offering price is $5.02/shr; represents a 20% discount to the FTEL's last close

** Company says the net proceeds will be used for the development and commercial launch of smart fitness equipment and general corporate purposes

** Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering

** FTEL has 20.1 million outstanding shares, with a market capital of $126.4 million, according to data compiled by LSEG

** FTEL gained 432% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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represents a 20% discount to the FTEL's last close** Company says the net proceeds will be used for the development and commercial launch of smart fitness equipment and general corporate purposes** Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering** FTEL has 20.1 million outstanding shares, with a market capital of $126.4 million, according to data compiled by LSEG** FTEL gained 432% in 2024 (Reporting by Kamal Choudhury in Bengaluru) ((Kamal.Choudhury@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}