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iTonic Holdings Ltd (NASDAQ:ITOC) soared 84.18% in after-hours trading on Tuesday, reaching $0.52, after the Beijing-based company announced a $20 million private placement offering.
ITOC closed the regular session down 2.86% at $0.28, according to Benzinga Pro.
The Capital Raise Driving the Rally
In a Securities and Exchange Commission filing on Tuesday, iTonic announced it entered a private placement subscription agreement on Monday, to issue 100 million Class A ordinary shares at $0.20 per share.
The offering is expected …
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