Why Wang & Lee Group (WLGS) Stock Is Down Over 80%

Wang & Lee Group Inc WLGS shares are trading lower by 84% to 80 cents during Monday’s session after the company announced pricing of a securities purchase agreement with institutional investors for the sale of 3,529,400 ordinary shares at $3.40 per share.

What To Know: The deal includes Series A warrants, allowing investors to purchase an equal number of shares at the same price or exercise them alternatively for a reduced share amount.

Additionally, Series B warrants will be issued at an initial exercise price of $0.0001 per share, with the final share count determined on the Reset Date, subject to a $0.95 floor price. The Series A warrants will be valid for five years, while the Series B warrants become exercisable three days after issuance.

The total securities issued may be adjusted per the company’s upcoming Form 6-K filing. Maxim Group LLC is acting as the sole placement agent for the offering.

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According to data from Benzinga Pro, WLGS has a 52-week high of $9.53 and a 52-week low of $0.44.