Meten Shares Plummet On Discounted Equity Offering

Meten Holding Group Ltd METX, which recently changed its name from Meten Edtechx Education Group Ltd, has priced its public offering of 200 million ordinary shares at $0.30 per share.
The quoted price represents a 67.4% discount to Meten’s closing price of $0.92 as of September 1, 2021.
The company expects to raise about $60 million from the offering of ordinary shares and pre-funded warrants. The offering will close on September 7, 2021.
Meten intends to use the net proceeds from the offering for capital expenditure, general corporate and working capital needs.
The company held $22.3 million in cash and equivalents as of June 30, 2021.
Price Action: METX shares are trading lower by 53.34% at $0.43 on the last check Thursday.