VisionChina completes downsized follow-on
The deal shrinks to $88 million after a harsh week for the company's share price.
VisionChina Media, a Beijing-based advertising network operator, has completed a follow-on bringing in a total of $88 million. This is significantly less than the approximate $160 million that was expected when the deal was launched in the US on August 7.
After the launch, the company's share price was hit badly, dropping 14% by the time it came to pricing. Only 1 million of the 8 million American Depository Shares ADS offered in the original deal were primary shares,...
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