Urban Tea Inc MYT shares are trading lower by 38% Wednesday morning after the company announced a $25 million direct offering which consists of 6.95 million shares at $3.60 per share.
Urban Tea is engaged in specialty tea product distribution and retail business. The company offers trendy tea drinks, light meals, and pastries through its stores. The tea-based beverages include fresh milk tea, fruit tea and milk cap tea. Revenue is predominantly generated from the stores operated by the company.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
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.
Join Now: Free!
Already a member?Sign in