10:23 AM EDT, 10/22/2024 (MT Newswires) -- UP Fintech Holding ( TIGR ) said Tuesday it is selling 15 million American depositary shares in an underwritten public offering.

Underwriters in the offering will have a 20-day option to purchase up to an additional 2.3 million ADSs, according to the company.

Each ADS represents 15 class A ordinary shares, UP Fintech ( TIGR ) added.

The company said it will use the net proceeds from the offering to strengthen its capital base and conduct business development initiatives.

Pricing and closing date of the offering were not disclosed.

Shares of UP Fintech ( TIGR ) were down nearly 6% in recent trading.

Price: 7.01, Change: -0.44, Percent Change: -5.85