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Hologram Augmented Reality Technology provider WiMi Hologram Cloud Inc (NASDAQ: WIMI) inked an agreement with institutional investors to sell 11.2 million ADS at $7.5 per unit to raise $83.8 million in gross proceeds under an institutional offering.
The offer price signified a 14.7% discount to the March 22 closing price of $8.79.
Each unit consisted of one American Depositary Shares (ADSs), each representing two Class B shares, and 0.4 warrant to purchase one ADS at $8.60 per ADS.
The company did not disclose the purpose of the offering and the use of proceeds.
FT Global Capital and The Benchmark Company are the exclusive placement agents connected with the offering.
The company share prices have climbed 34.2% in the last six months.
Price action: WIMI shares are trading lower by 19.7% at $7.06 on the last check Tuesday.
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