NFT (MI) shares were down about 52% in Tuesday trading after the company priced a direct offering to raise around $2.55 million.
The firm said it has struck a deal to sell 1.89 million units to some institutional investors at $1.35 a unit. Each unit consists of one Class A share, or one pre-funded warrant in lieu, and one warrant.
NFT said it plans to use the net proceeds for working capital and general corporate purposes. The offering is set to close Oct. 7.
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