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Why Agora Stock Popped Today

TheMotleyFool

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Shares of Agora (NASDAQ: API) have popped today, up by 25% as of 11:10 a.m. EST, after the company announced that it had raised capital through a private placement. Agora is raising $250 million in fresh cash. Existing shareholders will be diluted by approximately 4.5%.

The Chinese tech company, which operates a real-time engagement platform, said that an accredited investor had agreed to purchase newly issued Class A shares through the private placement. Agora did not specify who the investor is, but the company's three largest institutional shareholders are Dragoneer Investment Group, BlackRock, and Capital World Investors.

Image source: Getty Images.

Source Fool.com

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