China-based company sells its common stock at about $1.77 per share
By Devika Patel
Knoxville, Tenn., Oct. 19 - 8888 Acquisition Corp. said it completed a private placement of stock. The offering raised about $4.5 million.
The company sold 2,547,500 common shares at about $1.77 apiece. The per-share price reflects a 1,375% premium to the closing share price, $0.12, on Oct. 18.
Based in Jinjiang, China, the company recently acquired a subsidiary that manufactures soles for athletic and leisure shoes. The subsidiary, Cheng Chang Shoes Industry Co. Ltd., was acquired through a share exchange transaction.
| Issuer: | 8888 Acquisition Corp.
|
| Issue: | Common stock
|
| Amount: | $4.5 million (approximate)
|
| Shares: | 2,547,500
|
| Price: | $1.77 (approximate)
|
| Warrants: | No
|
| Settlement date: | Oct. 19
|
| Stock symbol: | OTCBB: EGHA
|
| Stock price: | $0.12 at close Oct. 18
|
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