Benzinga | Jul 6, 2021 02:39PM EDT

Integrated Media Technology To Raise $2.8M Via Institutional Share Offering At 23% Discount

* Integrated Media Technology Ltd (NASDAQ:IMTE) inked agreements with three accredited investors to raise $2.8 million from the sale of 888,888 shares at $3.15 per share.

* The offer price implies a 22.6% discount to Integrated Media Technology's Friday closing price of $4.07.

* The company will utilize the proceeds to purchase equipment for its electronic glass business and working capital.

* It raised $4.6 million from a secondary offering at a 29.7% discount in March.

* The share prices lost 28.4% in the last three months.

* Price action: IMTE shares traded lower by 6.63% at $3.80 on the last check Tuesday.