E-Home Household Service Holdings Limited (NASDAQ:EJH) tumbled Monday after the company reported the pricing of its initial public offering at $4.50 per share.
E-Home, a household service company based in Fuzhou, China , today announced the pricing of its initial public offering of 5,555,556 ordinary shares at a public offering price of $4.50 per share. The ordinary shares have commenced trading Friday under the ticker symbol "EJH".
The Company expects to receive aggregate gross proceeds of $25 million U.S. from this Offering, before deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 666,667 ordinary shares at the public offering price. The Offering is expected to close on or about May 18, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for investment in product development, sales and marketing activities, and technology infrastructure; improvement of corporate facilities and other general and administrative matters; acquisition of, or investment in, technologies, solutions or businesses that complement our business; and general corporate purposes.
EJH shares dumped $8.42, or 15.6%, to $45.58.
