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Erayak Power Solution Group Inc. (NASDAQ:RAYA) shares surged 48.80% to $0.68 in after-hours trading on Thursday after the China-based power solutions firm disclosed a $400,000 private placement in a Securities and Exchange Commission filing.
According to the SEC filing filed on Thursday, Erayak entered into a Securities Purchase Agreement on Tuesday, issuing up to 5 million Class A ordinary shares at $0.08 per share to non-U.S. investors. The Class A ordinary shares carry a par value of $0.022 per share.
The offering closed the same day under Regulation S of the Securities Act of …
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