Meten EdtechX Education (NASDAQ:METX) was down 40% in a week. The company has closed an underwritten public offering with gross proceeds of $60 million before accounting for commissions, discounts, and other offering expenses. the offering includes 22.5 million common shares of the company at an offering price of $0.3 per share and 177.5 million pre-funded warrants.
The company offered the pre-funded warrants at an offering price of $0.2999 for each share with an exercise price of $0.0001 per pre-funded warrant. Meten Holding will use the proceeds in capital expenses and general corporate working capital.
At the start of the month, the company announced that it had adopted a new initiative to create blockchain and crypto business as the company seeks to transition to a new benchmark in innovative enterprises. Since the beginning of last year, the company has been exploring the possibility of starting a crypto and blockchain business.Already the company has a blockchain tech strategic plan to introduce Dogecoin rewards and applied NFT tokens for online education digital copyright. So METX is worth watching in the coming days.
Market Reaction:
On Tuesday, METX stock fell 1.38% at $0.3945 with more than 26.79 million shares, compared to its average volume of 9.23 million shares. The stock has moved within a range of $0.3911 – 0.4250 after opening the trade at $0.4060.
