Integrated Media Technology Limited (NASDAQ:IMTE) Stock Fell Over 14%: But Why?

Integrated Media Technology Limited (NASDAQ:IMTE) dropped 14.06% in the last session. Recently the company entered three Securities Purchase Agreements with three credited investors for the sale of 888,888 no par value ordinary shares of the company at $3.15 per share for aggregate cash offerings of $2.8 million.

The company plans to use net proceeds from the cash offerings to buy equipment for the electronic glass operations and corporate working capital.The company’s chairman Con Unerkov said that the offering is a positive move to help the company build its electronic glass enterprise and enhance its capital base.

The company is making the cash offer according to its “shelf” Registration Statement on Form F-3 as filed with the SEC on October 9, 2018, which the SEC declared effective on October 19, 2018. The company expects to file the prospectus supplement and related prospectus to the registered direct offering with the SEC on July 7, 2021. So in the coming weeks, IMTE is a stock to watch.

Market Reaction:

On Wednesday, IMTE stock slumped over 14% at $3.79 with more than 1.17 million shares, compared to its average volume of 1.17 million shares. The stock had moved within a range of $3.7000 – 4.3432 after opening the trade at $4.20. Over the past 52-week, the stock has been trading within a range of $3.2800 – 10.6700.