Tantech Holdings Ltd. (TANH), a company involved in the development of bamboo-based charcoal products, has gained an increase of 1.89% in the premarket trading session. As a result, the stock was standing at $0.54 when last checked. During Friday’s regular trading session, the stock closed the day at $0.53 after gaining an increase of 3.92%. The latest announcement from the company was regarding the closure of the public offering.
TANH Closed Underwritten Public Offering
On Friday, TANH announced that it would be closing the underwritten public offering of 20,000,000 shares of common stock as well as pre-funded warrants for purchasing the common shares. The company estimated that it would be able to generate $10 million in terms of gross proceeds from the offering. The proceeds would be used for corporate purposes.
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Regained compliance with NASDAQ Rule
On March 15th, TANH announced that it have received a notification from the listing department of NASDAQ. The notification from the NASDAQ said that Tantech Holdings Ltd. has regained compliance with the minimum bid price requirement of the NASDAQ under the Listing Rule 5550(a)(2). NASDAQ said that as the company has regained compliance, hence, the matter should be deemed close.
Share Consolidation Program
On 25th February, TANH announced that its Board of Directors had approved the share consolidation of the company’s common shares with a ratio of 1 for 10. The share consolidation was to become effective from the 24th of February 2022. The share consolidation was done to enable the company to regain compliance with the NASDAQ Rule 5550(a)(2) and hence, remain listed on NASDAQ.
What’s in Store for TANH?
Analysts are of the view that TANH stock holds several negative technical signals despite the positive trend it is following. As a result, TANH stock is expected to perform poorly in the next couple of weeks. Investors should take careful decisions regarding their investments in TANH stock.
