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Why Did REE Automotive (REE) Stock Go Nearly 9% Higher After-Hours On Friday?
The share price of REE Automotive Ltd. (REE) increased 8.61% after-hours on Friday after the company announced the results of its share exchange offer. The stock fell by -29.24% to close at $0.75 at the end of the last trading session.
How has REE described its offer results?
A previously announced exchange offer (the “Offer”) by REE Automotive (REE) has expired, and its consent solicitation (the “Consent Solicitation”) has ended. In the offer, REE offered to purchase public warrants to buy Class A ordinary shares of the Company, with no par value (the “Class A ordinary shares”), which trade under the symbol “REEAW” (the “public warrants”).
What else has REE shared?
Upon the closing of the Offer, REE Automotive (REE) will exercise its right to exchange each warrant that is outstanding for 0.18 Class A ordinary shares per warrant in accordance with the Warrant Amendment (the “Post-Offer Exchange”). The Post-Offer Exchange date has been set for October 10, 2022, after which no warrants for public or private placement will remain outstanding after that date.
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