CitroTech Prices 2.24 Million Shares at $2.50 in Public Offering

CitroTech priced a 2.24 million-share public offering at $2.50 each, targeting $5.6 million in gross proceeds as its latest financial statements showed a $10.1 million six-month net loss. The expected proceeds are before underwriting discounts, commissions and estimated expenses. The company plans to use the net proceeds for working capital and general corporate purposes. Univest Securities LLC is the sole book-running manager for the offering. The deal gives the underwriter 45 days to buy as many as 336,000 more shares for $2.50 each, minus underwriting discounts and commissions. The sale is expected to close on or about Oct.

Source: TokenPost