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HONG KONG - Garden Stage Limited (NASDAQ:GSIW), a Hong Kong-based financial services provider with a market capitalization of $6.28 million, announced Thursday it has entered into a definitive agreement with investors for the sale of 38,406,345 ordinary shares at $0.11 per share in a registered direct offering. According to InvestingPro data, the company has been rapidly burning through cash, with its stock price declining nearly 90% in the past week.
The transaction, expected to close on or about Friday, will generate approximately $4.2 million in gross proceeds for the company. The offering includes the option of pre-funded warrants in lieu of shares, with the same purchase price minus a $0.001 exercise price.
Univest Securities, LLC is serving as the sole placement agent for the offering, which is being conducted under a shelf registration statement previously filed with and declared effective by the SEC on March 10, 2025.
Garden Stage operates through two wholly-owned subsidiaries: I Win Securities Limited, which is licensed to conduct securities dealing activities, and I Win Asset Management Limited, which provides securities advisory and asset management services. I Win Securities is a Stock Exchange Participant holding one Stock Exchange Trading Right and is a participant of the Hong Kong Securities Clearing Company (HKSCC).
The company stated in its press release that a final prospectus supplement and accompanying prospectus describing the offering terms will be filed with the SEC.
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