Benzinga | Jul 20, 2021 10:52AM EDT

Datasea Raised $8.5M Via Secondary Institutional Equity Offering

* China's intelligent security solutions provider Datasea Inc (NASDAQ:DTSS) has priced 2.4 million shares at $3.48 per share to raise $8.48 million in a secondary institutional equity offering.

* The investors will also receive 0.45 unregistered warrants to purchase one share.

* The two-and-a-half-year warrants have an exercise price of $4.48 per share.

* The offering proceeds will serve general corporate and working capital purposes and debt repayment.

* Price action: DTSS shares traded lower by 28.3% at $3.16 on the last check Tuesday.