24/7 Market News Snapshot 26 December, 2024 – Lichen China Limited Class A Ordinary Shares (NASDAQ:LICN)
DENVER, Colo., 26 December, 2024 (247marketnews.com) – (NASDAQ:LICN) are discussed in this article.
Lichen China Limited, a prominent provider of financial and taxation services, reported a substantial decline in the trading price of its Class A Ordinary Shares (LICN) today, opening at $0.282 and currently trading at $0.187, marking an approximate 11% decrease. The shares closed the previous session at $0.210, exhibiting a bearish trend that has persisted throughout the trading day. With trading volumes reaching 82.53 million shares, this heightened market activity suggests considerable selling pressure, prompting investors to analyze potential support levels around $0.180 and resistance near $0.210.
In light of the current market volatility, Lichen China has taken proactive steps to strengthen its capital base by announcing a registered direct offering. The Company has entered into a definitive agreement for the sale of 20,000,000 Class A ordinary shares at a price of $0.14 per share, which is expected to yield gross proceeds of approximately $2.8 million. This offering is projected to close by December 27, 2024, pending customary closing conditions, and marks an important strategy to bolster the Company’s financial position.
Univest Securities, LLC has been appointed as the sole placement agent for this transaction, which is conducted under a shelf registration statement approved by the U.S. Securities and Exchange Commission on March 1, 2024. A prospectus supplement detailing the specific terms of the offering will be made available through the SEC’s website.
With over 18 years of dedicated service in the industry, Lichen China remains committed to delivering superior financial solutions while adapting to the dynamic market landscape, thereby ensuring continued value for its stakeholders. Investors are advised to closely monitor market activities in light of these developments.