Quanergy Systems Shares Hit 52-Week Low After Public Offering Prices

Dow Jones2022-11-01

By Chris Wack

Quanergy Systems Inc. shares were down 68%, to $1.07, after the company said an underwritten public offering priced for proceeds of $16.7 million, prior to deducting underwriting discounts and commissions and offering expenses.

The stock hit its 52-week low of 98 cents earlier in the session. The stock closed Friday 154% higher, but is down 84% in the past three months.

The company said the offering is comprised of 9.8 million units, with each unit consisting of one common share and two warrants to buy one share of stock at $1.70 a unit.

Each unit warrant has an exercise price of $1.70, and is exercisable for one share of stock, with a term of five years following the issuance date. The closing of the offering is expected to take place on or about Wednesday.

Quanergy Systems has granted the underwriter a 30-day option to buy up to 1.5 million additional shares, and/or 2.94 million unit warrants to buy 2.94 million shares to cover over-allotments, if any, at the public offering price.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 31, 2022 13:48 ET (17:48 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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