MICT Shares Are Trading Lower On $54M Proposed Institutional Share Sale

MICT Inc (NASDAQ: MICT) plans to raise $54 million from the sale of 19.2 million shares at $2.8 per share in a secondary institutional offering. The arrangement includes 19.2 million warrants to sell 19.2 million shares at the offer price.
The offer price signifies a 5.4% discount to the Tuesday closing price of $2.96.
The company had recently raised $60 million in a separate share sale.
MICT also received the Hong Kong SFC’s (Securities and Futures Commission) approval for the c Huapei Global Securities, Ltd, acquisition to facilitate the trading of securities in Hong Kong, U.S., and China exchanges for its Chinese and Hong Kong clientele.
MICT’s closing cash balance stood at $18.6 million as of September 30, 2020.
The stock has gained 40% in the last month.
Price action: MICT stock was down 21.3% at $2.33 on the last check Wednesday.