NaaS Technology American Depositary Shares Slide After $6 Million Equity Sale

Dow Jones03-13

By Colin Kellaher

NaaS Technology American depositary shares slid more than 20% on Wednesday after the provider of electric-vehicle charging services said it was raising $6 million in a registered direct offering with a U.S. institutional investor.

NaaS said it agreed to sell 4.76 million American depositary shares, along with warrants to buy up to another 4.76 million shares, at a combined price of $1.26 per share and accompanying warrant, well below Tuesday's closing price of $1.49.

ADS of the Beijing company were recently down more than 20% to $1.19.

NaaS said the five-year warrants are exercisable six months after the date of issuance at a price of $1.49 a share.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 13, 2024 10:59 ET (14:59 GMT)

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