Meten Holdings Group Ltd. (NASDAQ:METX) Stock Tanks 19%: All Eyes on Earnings

Meten Holdings Group Ltd. (NASDAQ:METX) fell 19% after the company announced that it would release its fiscal Q3 2021 financial results on November 22, 2021, before the market opens.

Market Stats

On Wednesday, METX stock slumped 18.70% to $0.56 with more than 202.19 million, compared to its average volume of 85.01 million shares. The stock has moved within a range of $0.5340 – 0.6198 after opening the trade at $0.5755.

News Buzz

The company is a top omnichannel English language training service provider in China that offers English language skills and training to professionals and students. In addition, Meten, through its sophisticated digital platform and learning centers network, offers online ELT, primary, junior ELT, and adults ELT services.

The company has announced the signing of a definitive agreement with investors for the sale and purchase of common shares as per a registered direct offering. The common shares of the at-the-market offering will be bought at $0.6 per share.

 The company expects gross proceeds of $20 million before deduction, and the company will use net proceeds for corporate purposes and general working capital. The company expects to close the registered direct offering on November 12, 2021, subject to meeting customary closing conditions. So, in the coming days, METX is worth watching.

Traders Corner

METX stock is trading above the 20-Day and 50-Day Moving averages of $0.51 and $0.40 respectively. However, the stock is trading below the 200-Day moving average of $1.23. The stock is up 78 % in the past month.