Why Are GD Culture Shares Trading Lower Today

May 2, 2023 11:14 AM | 1 min read |

GD Culture Group Limited GDC shares plunged since it shared plans to raise funds via direct stock sale.
On Tuesday, GD agreed to raise $11.55 million via a stock offering of 0.47 million shares and pre-funded warrants to purchase up to 0.93 million shares at $8.27 per share.
In a concurrent private placement, GD also agreed to issue to the same investors warrants to purchase up to 1.4 shares at an exercise price of $8.27 per share.
GD shares closed at $31.00 on Monday.
The warrants will have a 5-year term from the date of issuance.
The transactions will likely close by May 4, 2023.
Price Action: GDC shares traded lower by 76.1% at $7.40 on the last check Tuesday.

Posted In: News Offerings Movers Trading Ideas Briefs why it's moving

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.