Farmmi Shares Get Hammered After Raising $81M At Discount

Farmmi Inc FAMI announced the pricing of an underwritten public offering with expected proceeds of about $81 million.
Farmmi has priced the sale of 368 million ordinary shares at $0.22 per share.
The offer price represents a discount of 61.7% to Farmmi’s previous close on September 10.
The company intends to use the net proceeds from this offering for general corporate and working capital needs and capital expenditures.
The offer is expected to close on September 15, 2021.
Price Action: FAMI shares are trading lower by 50.4% at $0.29 on the last check Monday.