LuxUrban Hotels Reports Pricing Of Its Public Offering Of 30.50M Common Shares At $0.25 Per Share
Portfolio Pulse from Benzinga Newsdesk
LuxUrban Hotels has announced the pricing of its public offering of 30.50 million common shares at $0.25 per share, expecting to raise approximately $7.6 million in gross proceeds. The funds will be used for working capital and general corporate purposes.
May 21, 2024 | 11:32 am
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LuxUrban Hotels has priced its public offering of 30.50 million common shares at $0.25 per share, with expected gross proceeds of $7.6 million. The proceeds will be used for working capital and general corporate purposes.
The issuance of new shares at a low price of $0.25 each could dilute existing shareholders' value, potentially leading to a short-term decrease in the stock price. However, the raised funds will support working capital and general corporate purposes, which could be beneficial in the long term.
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