Tantech Holdings Ltd (TANH) Stock Plunged 68.94% Today, Here’s Why

Tantech Holdings Ltd (TANH) stock plummeted 68.94% in the current-market trading session at the price of $0.49 following a ten million public offering of its common stock shares.

Tantech is a highly specialized technology firm that researches, produces, and commercializes bamboo charcoal products. The company has a well-established distribution network and has been delivering its products for a decade now.

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TANH Announced 10M Public Offering

On 16th March 2022, TANH reported the public offering of 20 million common shares and warrants to purchase the company’s shares. The pre-funded warrants and common shares had offered at US$0.50 per share. Additionally, the company offered a 45-day option to buy an extra 15.0 percent of ordinary shares at the public price.

TANH has expected to receive roughly $10.0 million in gross proceeds from the offering before subtracting underwriting discounts and other costs. It plans to utilize the net proceeds for the working capital and other corporate purposes. The offering has expected to close on 18th March 2022 and is subject to customary closing conditions.

TANH Regained NASDAQ Compliance

On 15th March 2022, TANH received a notice from NASDAQ affirming that it had regained compliance with the lowest bid price requirement under listing rule 5550.

Earlier on 2nd March 2022, NASDAQ had notified TANH of the grant of 180 days to retrieve compliance under the bid price requirement. The company will receive compliance if the closing bid price of its common shares is above US$1.00 per share for ten business days till 29th August 2022.

TANH Announced Share Consolidation

Previously, on 25th February 2022, TANH announced the approval of its share consolidation at a ratio of one for ten. The share consolidation will facilitate the company to retrieve compliance with NASDAQ listing rule 5550. From 28th February 2022, TANH’s common shares will trade on a split basis on the NASDAQ using the symbol TANH.