REE Automotive Launches Public Offering To Offer And Sell Its Class A Ordinary Shares; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
REE Automotive announces a public offering of its Class A Ordinary Shares, with terms yet to be disclosed. The company plans to grant the underwriter an option to purchase additional shares to cover over-allotments. M&G Investment Management Limited has shown interest in buying shares at the offering price. The proceeds will be used for working capital, product development, and commercialization.
February 29, 2024 | 10:24 pm
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REE Automotive is launching a public offering of its Class A Ordinary Shares to fund working capital and further product development.
Public offerings often lead to an increase in a company's capital, enabling further growth and development. The interest from M&G Investment Management Limited suggests investor confidence, potentially leading to a positive short-term impact on REE's stock price. However, the effect could vary depending on the final terms of the offering and market reception.
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