11:19 AM EDT, 05/14/2024 (MT Newswires) -- Cheetah Net Supply Chain Service ( CTNT ) shares surged more than 260% in recent trading Tuesday after the company priced its follow-on offering of about 13.2 million common shares at $0.62 apiece.

Gross proceeds from the offering will amount to nearly $8.2 million, according to the company.

Net proceeds from the offering will be used for working capital and to develop warehousing and logistics services, the company added.

Cheetah Net said it expects to close the offering on or about May 15, subject to customary conditions.

Price: 4.24, Change: +3.06, Percent Change: +259.32