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

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  • 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.
 

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