WF Holding Ltd. (NASDAQ:WFF) shares are surging Friday afternoon after announcing a standby equity purchase agreement with an institutional investor.
WF Holding stock is among today’s top performers. Why are WFF shares rallying?
Agreement Key Terms and Flexibility
The institutional investor agreed to purchase up to $30 million of ordinary shares over a 24-month period. WF Holding retains complete control over the timing and amount of share sales, with no obligation to execute transactions.
Sales begin after filing a prospectus supplement with the SEC. WF Holding may direct share purchases between $100,000 and $3,000,000 on trading days when closing prices equal or exceed $0.10. The investor’s total beneficial ownership is capped at 9.99% of outstanding shares.
