Is A Bounce Coming? Meten EdtechX Education Group Ltd (NASDAQ:METX)

Meten EdtechX Education Group Ltd (NASDAQ:METX) stock is trading with a mild fall in the opening session on Wednesday. The stock has seen increased selling pressure this week with a fall of about 205 so far this week after announcing new stock offerings.

Market Action

As of 10:31, METX stock has moved lower by 2.40% at $0.9615. The stock has traded 2.69 million shares, below its average volume of 8.70 million shares.  The stock opened at $0.9607 and moved in a range of $0.9450 – 0.9789.

Meten EdtechX Closes $40 Million Underwritten Public Offering of Ordinary Shares

  • METX announced the closing of an underwritten public offering (the “Offering”) with gross proceeds to the Company of $40 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.
  • The Offering included 40,000,000 of the Company’s ordinary shares at the public offering price of $1.00 per share. The Company intends to use the net proceeds from this Offering for working capital and general corporate purposes.
  • The Company has also granted the underwriter a 45-day option to purchase up to an additional 15% of the number of ordinary shares offered in the Offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $46 million, if the over-allotment option is exercised in full.

Moving Averages

+/- EMA(20)1.38 (-30.43%)
+/- SMA(50)1.87 (-48.66%)
+/- SMA(200)3.53 (-72.80%)

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