NFT Ltd. (NYSE:MI) shares climbed 26.83% to $1.56 in after-hours trading Tuesday after the Hong Kong-based art and collectibles platform announced a $2.55 million registered direct offering.
Offering Terms
According to NFT Ltd., the offering covers 1.89 million units at an effective price of $1.35 each. Each unit includes one Class A ordinary share, or a pre-funded warrant in its place, plus one common warrant. Expected gross proceeds are about $2.55 million before placement agent fees, legal fees and other expenses.
The common warrants are exercisable immediately at $1.35 and expire after five years.
NFT plans to use net proceeds for working capital and general corporate purposes.
Maxim Group LLC is the sole placement agent. The offering is expected to close Wednesday, subject to customary conditions.
Trading Metrics, Technical Analysis
NFT Ltd. has a market capitalization of $96,040, a 52-week high of $536 and a 52-week low of $0.73. The company has approximately 611,000 shares outstanding.
The Relative Strength Index (RSI) of MI stands at 43.51.
The small-cap stock has fallen 99.60% over the past 12 months.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Jirapong Manustrong / Shutterstock
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