03:13 PM EDT, 10/04/2024 (MT Newswires) -- Fangdd Network Group ( DUO ) said Friday it has agreed to issue up to 3.13 million class A ordinary shares at $1.60 per share, or pre-funded warrants, to certain investors in a direct offering, for $5 million in total.

The deal is expected to close by Monday. Fangdd said it plans to use the proceeds for general corporate purposes.

Fangdd shares fell nearly 25% in recent trading.

Price: 2.84, Change: -0.93, Percent Change: -24.67