Why Society Pass Shares Are Falling

Society Pass Inc SOPA shares are trading lower by 23.7% at $3.57 Wednesday morning after the company announced pricing of a $10 million underwritten public offering.

Society Pass announced Wednesday the pricing of its underwritten public offering of 3,030,300 shares of common stock and accompanying warrants to purchase up to 3,030,300 shares of common stock. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $10 million.

Society Pass says the offering is expected to close on February 11, 2022.

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Society Pass is building an ecosystem of platforms and technology enabled companies that synergistically work together in transforming how consumers and merchants interact with one another in Southeast Asia and South Asia.

Society Pass has a 52-week high of $77.34 and a 52-week low of $3.21.