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SHENZHEN, China - Fangdd Network Group Ltd. (NASDAQ:DUO), known as FangDD, has announced a registered direct offering of Class A ordinary shares and pre-funded warrants totaling $4.5 million. The sale price is set at $0.88 per share or $0.8794375 per pre-funded warrant, with the offering expected to close around October 11, 2024, pending customary closing conditions.
The property technology company, which focuses on digitalizing real estate transactions in China, intends to utilize the net proceeds for general corporate purposes. The offering is facilitated by MM Global Securities, Inc., serving as the exclusive placement agent.
The securities are being offered under a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on September 13, 2022, and declared effective on September 29, 2022. The prospectus supplement and accompanying base prospectus, which hold details about the securities, will be filed with the SEC and made available on its website.
FangDD's business model leverages mobile internet, cloud computing, big data, and artificial intelligence to modernize the real estate transaction process. The company provides a range of products and solutions through its SaaS platform, aiming to improve the efficiency of transactions for participants in the real estate industry.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
The information in this article is based on a press release statement from Fangdd Network Group Ltd.
In other recent news, Fangdd Network Group Ltd., a property technology firm in China, announced a registered direct offering of 3,125,000 Class A ordinary shares and pre-funded warrants, priced at $1.60 and $1.5994375 respectively. The company also disclosed an agreement for a registered direct offering of 1,612,902 Class A ordinary shares at a price of $1.55 per share. These transactions, set to close in October 2024, are dependent on standard closing conditions. The net proceeds from these offerings will be used for general corporate functions, while MM Global Securities, Inc. serves as the exclusive placement agent for both offerings.
In addition to these developments, Fangdd released its unaudited financial results for the first half of 2024. While specific revenue and profit figures were not disclosed, the report provides insight into the company's mid-year performance. This document, signed by CEO and Chairman of the Board, Xi Zeng, underscores Fangdd's adherence to SEC regulations.
These are the recent activities surrounding Fangdd, which continues to maintain transparency by complying with SEC regulations. The company's financial health and strategic direction remain of interest to investors tracking the real estate technology market and Chinese companies listed on U.S. exchanges.
InvestingPro Insights
As FangDD moves forward with its $4.5 million registered direct offering, InvestingPro data provides additional context to the company's financial position. The company's revenue for the last twelve months as of Q2 2024 stands at $37.35 million, with a modest growth of 6.61% over the same period. However, it's worth noting that the quarterly revenue growth for Q2 2024 showed a decline of 8.81%, indicating some recent headwinds.
FangDD's financial health appears challenging, with an adjusted operating income of -$36.44 million for the last twelve months, resulting in a negative operating income margin of -97.56%. This context sheds light on the company's need for additional capital through the announced offering.
InvestingPro Tips highlight that FangDD's stock is trading below book value, with a Price to Book ratio of 0.75. This could suggest that the market is undervaluing the company's assets, which might be of interest to value-oriented investors. Additionally, InvestingPro notes that the company has seen a significant decrease in its stock price, with a one-year price total return of -43.23% as of the latest data.
These insights are just a sample of the valuable information available through InvestingPro. Subscribers can access over 10 additional tips for FangDD, providing a more comprehensive analysis to inform investment decisions.
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