Why Alset Shares Are Falling 30% Today

Alset Inc AEI shares are trading lower by 32.30% to $2.10 Monday morning after the company announced a $3.8 million public offering of common stock.

What Else?

Alset says the offering consists of 1,727,273 shares of common stock at a price of $2.20 per share. In addition, the company has granted Aegis Capital Corp., the underwriter in the offering, a 45-day option to purchase up to an additional 212,863 shares of common stock offered in the offering at the public offering price, less underwriting discounts and commissions.

See Also: Why Taiwan Semiconductor Manufacturing Company Shares Are Falling

Alset says the company intends to use the net proceeds from this offering for general working capital. The closing of the offering is expected to occur on February 8, 2023, subject to customary closing conditions.

According to data from Benzinga Pro, AEI has a 52-week high of $18.57 and a 52-week low of $2.04.