Why Treasure Global Stock (TGL) Is Down 50% Today

Treasure Global Inc TGL shares are trading lower by 50% to $0.10 Wednesday afternoon after the company priced its public offering of roughly 26 million common stock shares at $0.10 per share, along with 14 million pre-funded warrants priced at $0.0999 per warrant.

This offering totals about $4.0 million in gross proceeds before deducting expenses. There's also an option for underwriters to purchase roughly an additional 6 million shares or warrants.

EF Hutton, a division of Benchmark Investments, LLC, is the lead book-running manager for the offering, which is set to close on November 30, pending standard closing conditions.

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According to data from Benzinga Pro, TGL has a 52-week high of $3.18 and a 52-week low of $0.10.