BRIEF: UP Fintech announces share issue plan to raise around $100 million
Online brokerage UP Fintech Holding Ltd. (TIGR.US) said on Tuesday it plans to sell up to 17.25 million new American depositary shares (ADS), in a deal that could raise more than $100 million. The company, which operates the Tiger Brokers service, said it plans to offer 15 million ADSs, with the potential to sell another 2.25 million if demand is strong.
The company’s stock fell 13% on Tuesday after the announcement. Based on its latest closing price of $6.45, the share sale could raise up to $111 million. UP Fintech said it plans to use the funds to strengthen its capital base and for business development initiatives.
UP Fintech and rival Futu (FUTU.US) have been aggressively expanding outside their original China base after the Chinese securities regulator said last year they lacked the necessary licenses to act as stock brokers in China. UP Fintech had nearly $400 million in cash at the end of June, according to its latest quarterly report.
By Doug Young
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