Benzinga | Mar 23, 2021 12:03PM EDT

WiMi Hologram Cloud Raises $83.8M Via Institutional Share Sale In Private Offering At 15% Discount

Hologram Augmented Reality Technology provider WiMi Hologram Cloud Inc (NASDAQ: WIMI) inked an agreement with institutional investors to sell 11.2 million ADS at $7.5 per unit to raise $83.8 million in gross proceeds under an institutional offering.

* The offer price signified a 14.7% discount to the March 22 closing price of $8.79.

* Each unit consisted of one American Depositary Shares (ADSs), each representing two Class B shares, and 0.4 warrant to purchase one ADS at $8.60 per ADS.

* The company did not disclose the purpose of the offering and the use of proceeds.

* FT Global Capital and The Benchmark Company are the exclusive placement agents connected with the offering.

* The company share prices have climbed 34.2% in the last six months.

* Price action: WIMI shares are trading lower by 19.7% at $7.06 on the last check Tuesday.