On Feb 20, 2024 Wetouch Technology Announced Pricing Of $10.8M Public Offering Of Common Stock; Co Began Trading On The Nasdaq Capital Market Today
Portfolio Pulse from Benzinga Newsdesk
Wetouch Technology Inc. (NASDAQ:WETH) announced a public offering of 2,160,000 shares at $5.00 each, aiming to raise $10.8 million for a new factory, R&D, debt repayment, and general purposes. The offering, underwritten by WestPark Capital, Craft Capital Management, and R.F. Lafferty, is expected to close on February 23, 2024. Wetouch's stock has also been approved for listing on the Nasdaq Capital Market under the ticker 'WETH' and will start trading on February 21, 2024.
February 21, 2024 | 5:01 pm
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Wetouch Technology Inc. announces a $10.8M public offering and Nasdaq listing, aiming to fund new factory construction, R&D, and debt repayment.
The public offering and Nasdaq listing are significant steps for Wetouch Technology, indicating growth and expansion plans. The capital raised will support strategic initiatives like new factory construction and R&D, which are likely to enhance the company's long-term value. However, the dilutive effect of the new shares might initially concern investors, but the use of proceeds for growth and debt repayment is generally viewed positively.
CONFIDENCE 85
IMPORTANCE 90
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