Nasdaq-listed Reebonz Holding Limited on Wednesday announced that it raised $10 million in net proceeds from its stock and warrant offering.
The offering comprised 2.15 million ordinary shares, and 2.47 million warrants (including underwriters’ over-allotment option of 322,500).
Earlier, on April 15, Reebonz announced a revised public offering of 2.15 million each for its ordinary shares and warrants priced at $5.00 apiece. The company had stated that it targeted to raise gross proceeds of $10.8 million from the offering.
Separately, a US fund management company, Sabby Management, LLC (Sabby), has lodged a public disclosure stating that its interest in Reebonz exceeds five per cent of the company’s total stock issue. The New Jersey-based firm has accumulated 445,000 ordinary shares, representing a 9.2 per cent stake in the company.
According to Bloomberg data, Sabby is an employee-owned investment manager involved in primarily providing pooled investment services. It invests in public equity and alternative markets in the US.
Sabby is currently headed by two fund managers, Hal David Mintz, principal and managing member, and Robert Alan Grundstein, principal, chief operating officer, general counsel, and chief compliance officer.
Reebonz stock price closed the market trading session on April 17 at $5.79, up 76 cents, or 15.11 per cent intraday. Trading volume was heavy with 5,906,118 shares changing hands, and is higher than the average three-month trading volume of 911,312 shares, according to data from Yahoo! Finance.
During after-hours trading, the stock inched lower by 24 cents, or 4.15 per cent to end at $5.55.