Shares of Haoxi Health Technology Ltd (HAO), an online marketing solutions provider for healthcare industry clients, were surging by more than 20% in the pre-market.
The premarket surge appeared to be driven by renewed investor enthusiasm. Meanwhile, last week, Univest Securities, LLC, a New York-based full-service investment bank and securities broker-dealer, announced the closing of a $6.5 million registered direct offering for Haoxi Health Technology. Haoxi stated that net proceeds will be used for working capital and general corporate purposes.
Under the terms of the securities purchase agreement, for aggregate gross proceeds of $6.5 million, the company agreed to sell to certain investors 9 million class A ordinary shares, par value $0.0025 per share, at a purchase price of $0.25 per share in the offering. Each pre-funded warrant was exercisable to purchase 10.355 Shares.
Univest Securities, LLC acted as the sole placement agent. Haoxi Health Technology says that its growth is driven by the rise of newsfeed ads and the rapid development of the healthcare sector.
Following the announcement, HAO fell to a new 52-week low of $0.016 on Monday.
HAO has traded between $0.016 and $2.310 over the last year. The stock closed Monday's trade at $0.017, down 20.89%.
In the pre-market, HAO is up 21.91% at $0.02
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