BUZZ-Prenetics tumbles after launching stock-and-warrants offering

Reuters10-27

BUZZ-Prenetics tumbles after launching stock-and-warrants offering

** Shares of health sciences co Prenetics Global PRE.O down 15.1% premarket at $14.23 as it looks to raise equity

** Hong Kong-headquartered PRE late Fri commenced offering of shares, or pre-funded warrants, and common warrants; deal size not disclosed

** PRE plans to allocate offering proceeds toward global expansion of its nutritional supplement, IM8, and buy more bitcoin BTC=

** In Feb, co announced genetic testing partnership with Humanity Protocol, a decentralized identity verification firm, and launched cryptocurrency treasury reserve strategy

** Co has about 14 mln shares outstanding, per the prospectus, giving it roughly $235 mln market cap through Fri

** Dominari Securities acting as sole placement agent for offering

** Through Fri close, PRE shares roughly doubled over the past three months. Stock ended 2024 at $5.80

** PRE debuted in 2022 after merger with Artisan Acquisition Corp, which was backed by Hong Kong tycoon Adrian Cheng

** Earlier this month, Dominari Holdings DOMH.O, backed by the sons of U.S. President Donald Trump, said its financial advisory business was cleared to lead IPOs on the NYSE

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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Stock ended 2024 at $5.80\n  \n    ** PRE debuted in 2022 after merger with Artisan Acquisition Corp, which was backed by Hong Kong tycoon Adrian Cheng\n\n    ** \n    Earlier this month, \n    Dominari Holdings DOMH.O, backed by the sons of U.S. President Donald Trump, said its financial advisory business was cleared to lead IPOs on the NYSE\n  (Lance Tupper is a Reuters market analyst. 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