Benzinga | Mar 23, 2021 11:55AM EDT

Integrated Media Technology Raises $4.6M From Secondary Share Sale At 30% Discount

Visual technology solutions provider Integrated Media Technology Ltd (NASDAQ: IMTE) inked an agreement to sell 0.7 million shares at $6.5 per share to raise $4.6 million in gross proceeds in a secondary offering.

* The offer price signified a 29.7% discount to the Monday closing price of $9.25.

* The company planned to utilize the offering proceeds to develop further its switchable glass, non-plated filter, financial research businesses, and general working capital.

* The company launched its newly formed IoT (Internet of Things) business unit last month through an agreement to acquire a 70% equity interest in marketing and selling IoT solutions company Shenzhen Koala Wisdom Fire Engineering Co., Ltd.

* IMTE share prices gained 244% last year.

* Price action: IMTE shares traded lower by 15.7% at $7.79 on the last check Tuesday.