NaaS Technology Inc. (NAAS) has publicized a definitive agreement for the purchase and sale of 4,761,905 American Depositary Shares (ADS) along with warrants to a US institutional investor. Following this announcement, the company's stock experienced a 12% drop in pre-market trading.
The ADS and accompanying warrant are collectively priced at $1.26 per unit. The expected gross proceeds from this registered direct offering stand around $6 million.
The warrants can be used from six months post issuance and will remain valid for a five-year period, at an exercise price of $1.49.
The completion of the offering and sale process is expected around March 15, 2024, subject to the fulfillment of standard closing conditions.
On the Nasdaq, in pre-market activity, the shares presently trade at $1.30, marking a decrease of 12.11%.
