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.
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Source Fool.com