HomeFinancial MarketsNova Lifestyle Inc. (NVFY) stock fell during current market trading. Here’s what...

Nova Lifestyle Inc. (NVFY) stock fell during current market trading. Here’s what you should know?

Nova Lifestyle Inc. (NASDAQ: NVFY) stock fell by 30.37% during the current market trading session. Nova Living, Inc. is a well-known, forward-thinking designer and distributor of modern lifestyle furniture, specializing in matching couches, dining room furniture, cabinets, office furniture and associated components, bedroom furniture, and different accessories.

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The Nova Brands and Diamond Sofa product lines are among Nova Lifestyle’s offerings. Nova’s products are distinguished by urban modern styles that combine comfort and utility, as well as premium luxury designs that appeal to medium and upper-middle-income consumers in the United States, China, Europe, and other parts of the world.


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What is happening?

Nova Lifestyle stated that it has signed definitive agreements with a group of institutional investors to buy 1,114,508 shares of its common stock in a registered direct offering. In a separate private placement, the Company has decided to issue unregistered warrants to acquire up to a total of 1,114,508 common shares to the investors.

One share of common stock and a warrant to acquire one share of common stock cost $2.80 when purchased together. The warrants will have an exercise price of $3.50 per share, will be exercisable six months after issuance, and will expire five and a half years after issuance. Dawson James Securities, Inc. is working as the only placement agent, linked with the offering.

Furthermore,

Before commissions and costs, the net revenue from the registered direct offering and concurrent private placement are estimated to be around $3.1 million. The total proceeds from the transaction will be used for working capital and other business purposes, according to Nova Lifestyle. The registered direct offering and concurrent private placement are scheduled to close on or around July 27, 2021, depending on customary closing conditions being met.

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