UP Fintech Holding Ltd. (NASDAQ: TIGR) stock declined by 2.29% at the last close whereas the TIGR stock price plunged by 9.27% in the pre-market trading session. UP Fintech Holding Limited is a well-known online brokerage business that caters to international clients. Investors may trade equities and other financial products on numerous exchanges around the world using TIGR’s unique mobile and online trading platform.
Recent Past Development
On June 25, 2021, Tiger Brokers which is a Singapore subsidiary of UP Fintech Holding Limited, acquired approval-in-principle to be accepted as a Clearing Member of The Central Depository Limited. TBSPL also got permission in principle for admittance as a trading member from Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited.
This approvals-in-principle will be used by TIGR to improve the user experience and services it provides to clients. TBSPL is looking forward to growing its relationships with CDP and SGX and expanding its footprint in Singapore.
On June 11, at a public offering price of US$24.50 per ADS, UP Fintech Holding Limited reported the conclusion of its public offering of 6,500,000 American Depositary Shares, each representing 15 Class A ordinary shares of TIGR. The underwriters were given a 30-day option to acquire up to 975,000 additional ADSs from TIGR at the public offering price from UP Fintech. The underwriters made full use of their opportunity to buy these extra ADSs.
The net proceeds from the ADS offering will be used to:
- Grow the Company’s client base and increase consumer engagement with its services.
- Increase its product, service, and technology offerings in order to improve the user experience and operational efficiency.
- Increase its global footprint.
The joint bookrunners for the ADS offering were Citigroup Global Markets, Morgan Stanley & Co. LLC, and Tiger Brokers (NZ) Limited.