UP Fintech Holding Limited (TIGR, Financial), a Singapore-based online brokerage, saw its shares fall after announcing a planned public offering of 15 million American Depository Shares (ADS). The company's stock experienced a pre-market drop of up to 9%. Since the start of 2024, the stock has risen by nearly 70%.
Each ADS in this offering will represent 15 Class A ordinary shares, subject to certain conditions. The company intends to use the proceeds from this offering to bolster its capital base and support business development. Additionally, under certain conditions, the underwriters will have the option to purchase up to an extra 2.25 million ADS at the public offering price.
