China-based online-to-offline real estate marketplace FangDD has planned to raise $8 million U.S. through direct offering of 11.4 million American Depositary Shares (ADS).

Subject to closing conditions, the transaction is expected to close on or about July 19, 2023, according to a news release. The net proceeds will be used for general corporate purposes, said the company. Maxim Group, LLC is the sole placement agent for the offering.

Under a securities purchase agreement with unnamed investors, the company will issue 11,428,565 ADSs at $0.70 / share. When last checked, FangDD’s share was trading at $0.6606.

Publicly listed in 2019, FangDD (Nasdaq: DUO) incurred net loss of $35 million on $36 million in revenue in 2022.

In March, the company placed $620,800 worth of direct offering at $0.6208 / ADS, following $21 million convertible note private placement in January (we reported on it here).

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