Mingteng Stock Jumps 81% After Halting $100M Share Sale Plan
Mingteng International Corporation Inc. soared 81.3% Monday. The China automotive mold supplier announced after the jump that it ended its at-the-market share sale program, pulling in about $20.6 million in gross proceeds. An at-the-market, or ATM, program gives companies a way to sell stock gradually instead of all at once. Mingteng said in a filing the sales pact with AC Sunshine Securities ended June 8, after it sold 222,568,877 Class A ordinary shares under its ATM program. That number doesn’t account for the 1-for-200 reverse split in January. The company reported net proceeds were around $18.0 million.
