American Resources Corp (NASDAQ:AREC) is moving a bit higher after closing 6% lower in yesterday’s trading session.
Major Trigger:
American Resources Corporation Announces Closing of $30.1 Million Registered Direct Offering Priced At-The-Market
Key Highlights:
- announced the closing of its registered direct offering of 8,600,000 shares of its common stock and 4,300,000 warrants to purchase up to 4,300,000 shares of its common stock, priced at the market under Nasdaq rules, for aggregate gross proceeds of approximately $30.1 million.
- Kingswood Capital Markets, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering.
- The warrants are exercisable immediately upon the date of issuance and have an exercise price of $3.50 per share. The warrants will expire 5 years from the date of issuance.
- The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-230786) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”) and declared effective on June 4, 2019. The offering of the shares of common stock and warrants was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, describing the terms of the offering, which was filed with the SEC.
Market Reaction
As of 7:14, AREC stock jumped 0.17% to $2.86. So far the stock has traded 1K shares traded hands.
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