iTonic Holdings (ITOC) Surges Over 84% After Hours— Here's Why It's Trending
Mohd Haider 7 months ago
EquitiesMarketsGeneral
iTonic stock jumped over 84% after hours after announcing a $20M private placement, despite a steep decline over the past year.
iTonic Holdings Ltd (NASDAQ:ITOC) soared 84.18% in after-hours trading on Tuesday, reaching $0.52, after the Beijing-based company announced a $20 million private placement offering.
ITOC closed the regular session down 2.86% at $0.28, according to Benzinga Pro.
The Capital Raise Driving the Rally
In a Securities and Exchange Commission filing on Tuesday, iTonic announced it entered a private placement subscription agreement on Monday, to issue 100 million Class A ordinary shares at $0.20 per share.
The offering is expected to close in April, pending satisfaction of closing conditions.
According to the SEC filing, the shares issued by iTonic carry a six-month lock-up period from the date of issuance.
Jianfei Zhang, CEO and Chairman, signed the filing.
Trading Metrics, Technical Analysis
iTonic has a Relative Strength Index (RSI) of 34.95.
The Beijing-based healthcare company has a market capitalization of $4.92 million, with a 52-week high of $0.92 and a 52-week low of $0.25.
The small-cap stock has declined 92.71% over the past year.
ITOC is currently positioned at about 4.48% above its 52-week low, suggesting it is trading closer to the lower end of its annual range.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.