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Investing.com -- Robin Energy Ltd. (NASDAQ:RBNE) stock fell 30% after the global energy transportation services provider priced a registered direct offering significantly below its recent closing price of $8.73.
The company announced it has entered into a securities purchase agreement with several institutional investors to sell 763,000 common shares at $5.25 per share, representing a 40% discount to its previous close. The offering is expected to generate approximately $4.0 million in gross proceeds before deducting commissions and expenses.
Robin Energy intends to use the net proceeds for working capital and general corporate purposes, according to the company’s statement. Maxim Group LLC is serving as the sole placement agent for the transaction.
The offering is expected to close on or about June 20, 2025, subject to customary closing conditions. The significant discount in the offering price appears to have triggered the sharp decline in the company’s shares as existing stockholders face potential dilution at a substantially reduced valuation.
Robin Energy provides energy transportation services globally through its ship-owning operations.
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