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Integrated Media Technology Raises $4.6M From Secondary Share Sale At 30% Discount

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Visual technology solutions provider Integrated Media Technology Ltd (NASDAQ: IMTEinked an agreement to sell 0.7 million shares at $6.5 per share to raise $4.6 million in gross proceeds in a secondary offering.

  • The offer price signified a 29.7% discount to the Monday closing price of $9.25.
  • The company planned to utilize the offering proceeds to develop further its switchable glass, non-plated filter, financial research businesses, and general working capital.
  • The company launched its newly formed IoT (Internet of Things) business unit last month through an agreement to acquire a 70% equity interest in marketing and selling IoT solutions company Shenzhen Koala Wisdom Fire Engineering Co., Ltd.
  • IMTE share prices gained 244% last year.
  • Price action: IMTE shares traded lower by 15.7% at $7.79 on the last check Tuesday.
 

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