ZW Data Action Raises $17.1M At 8% Discount

China’s ZW Data Action Technologies Inc. (NASDAQ: CNET) priced $18.7 million shares at $3.59 per share to raise $17.1 million in a secondary offering for general working capital purposes.
The offer price represents a discount of 8.2% to the Friday closing price of $3.91.
ZW’s shares have climbed over 216% in the last year.
It will issue 5.212 million shares to institutional investors. ZW Data has also completed a concurrent private placement of warrants to purchase 2.61 million shares.
FT Global Capital is the placement agent for the offering.
The company’s cash balance stood at $0.5 million as of September 30, 2020, and operating cash flow stood at $0.595 million during the nine months ended September 30, 2020.
Price action: CNET shares were down 7.16% at $3.62 on the last check Tuesday.