retiredcf wrote: 11:33 AM EST, 02/17/2021 (MT Newswires) -- CloudMD Software & Services (DOC.V) was down more than 9% after the company on Wednesday said it is boosting the size of a bought-deal share offering announced a day earlier by C$10 million to C$55 million, including shares being sold by two executives.
The telemedicine company said it is selling an underwriting syndicate 20.4 million shares priced at C$2.70 each, along with a 3.06 million share over-allotment option if needed.
The company said 18.5 million of the shares will be issued from its treasury, while 1.9 million shares are being sold by chief executive Essam Hamza and chief operations officer Kanchan Thindal.
"CloudMD intends to use the net proceeds of the offering for strategic M&A activities, working capital and general corporate purposes," it said in a release.
The company's shares were last seen down C$0.29 to C$2.85 on the TSX Venture Exchange.
CEO and CFO are selling 1.9m$
of their shares in this deal?? not the best show of confidence...