Mingteng International (MTEN) Shares Fall After $2.96 Million Stock Offering Announcement

Mingteng International Corp Inc (NASDAQ:MTEN) shares fell 4.60% in after-hours trading Wednesday after the company announced the pricing of a $2.96 million registered direct offering and concurrent private placement.
Mingteng International is a China-based automotive mold developer and supplier serving auto parts and new energy vehicle manufacturers.
Offering Raises Dilution Concerns
Mingteng said it priced 1.48 million Class A ordinary shares at $2.00 per share in a registered direct offering.
In a concurrent private placement, the company also issued warrants to purchase up to 1.48 million additional shares at an exercise price of $2.00 per share, exercisable immediately and valid for 18 months.
The offering is expected to generate approximately $2.96 million in gross proceeds, before fe