Why iClick Stock Plunged Today
Shares of iClick Interactive Asia Group (NASDAQ: ICLK) have plunged today, down by 16% as of 2:45 p.m. EDT, after the company kicked off a secondary offering. iClick is selling approximately 7.9 million American depositary shares (ADSs), with two ADSs representing one Class A ordinary share.
The total number of ADSs being offered includes 6.3 million from the company itself in addition to another 1.6 million offered by existing shareholder Sumitomo. iClick won't receive any of the proceeds from shares sold by Sumitomo. The Chinese marketing technology company is also granting underwriters a 30-day option to purchase up to an additional 15% of the total ADSs.
Image source: Getty Images.
Source Fool.com
