UP Fintech Announces Proposed Follow-on Public Offering Of 15M American Depositary Shares
Portfolio Pulse from Benzinga Newsdesk
UP Fintech Holding Limited (NASDAQ:TIGR) plans a follow-on public offering of 15 million American Depositary Shares to strengthen its capital base and support business development. The offering includes an option for underwriters to purchase an additional 2.25 million ADSs.
October 22, 2024 | 12:30 pm
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UP Fintech is conducting a follow-on public offering of 15 million ADSs to enhance its capital base and support business initiatives. This move may lead to short-term stock price fluctuations due to increased share supply.
The announcement of a follow-on public offering typically leads to a short-term decrease in stock price due to the dilution effect from the increased number of shares. However, the use of proceeds for capital strengthening and business development could be positive in the long term.
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