China SXT Pharmaceuticals Inc. (NASDAQ:SXTC) shares surged 25.6% to $2.11 in after-hours trading on Monday after the company announced a sales agreement with boutique full-service investment bank Univest Securities LLC that enables it to raise up to $100 million through an at-the-market equity offering.
SEC Filing Outlines Flexible Equity Financing
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According to a Securities and Exchange Commission filing submitted Monday, China SXT may sell Class A ordinary shares with an aggregate offering value of up to $100 million under the ATM program.
The agreement allows the company to issue shares from time to time on the Nasdaq Capital Market or other permitted trading venues, with Univest Securities acting as sales agent. The firm will receive a 3% commission on gross proceeds, along with reimbursement of certain trading and exchange-related expenses.
