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.
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.