Takung Art Raises $5M Via Private Placement At 29.3% Discount

Online fine art and collectibles platform operator Takung Art Co Ltd (NYSE:TKAT) has priced 571,429 shares at $8.75 per share to raise $5 million in a private institutional placement.
The offer price signifies a 29.3% discount to Takung’s Wednesday closing price of $12.38.
The stock has gained 736.5% year-to-date.
Price action: TKAT shares traded lower by 5.74% at $11.67 in the market session on the last check Thursday.