Advent Technologies Holdings Inc (NASDAQ:ADN) shares are trading lower by 33% to $0.21 Friday morning after the company announced it is raising $2 million through a registered direct offering of 10 million shares of common stock priced at $0.20 per share.
The deal involves institutional and accredited investors and is set to finalize around December 27, pending standard closing requirements.
Joseph Gunnar & Co., LLC is the exclusive placement agent handling the offering.
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According to data from Benzinga Pro, ADN has a 52-week high of $2.09 and a 52-week low of $0.20.
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