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Stock Alert: Futu Holdings Down 17% After Offering Of 9.5 Mln ADS

Futu Holdings Ltd. (FUTU) shares are down more than 17 percent on Tuesday morning trade as the financial technology platform announced an offering of 9,500,000 American depositary shares.

The Company said it will use the net proceeds from the ADS Offering for margin financing business, international expansion, new license applications, potential investment and acquisition opportunities, and other general corporate purposes.

Currently, FUTU is at $148.90, down 16.30 percent on average volume of $177.92. The shares have traded in a range of $10-$204.25 on average volume of 11,492,211.

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