BOSTON ( TheStreet) -- Funtalk China ( FTLK) shares fell at the start of trading Tuesday after the company announced a public offering of common shares.
Funtalk China said it intends to offer 10.39 million ordinary shares in a public offering, with proceeds to be used to expand its retail network. underwriters will have an option to purchase up to an additional 1.55 million ordinary shares, the company said. In addition, selling shareholders intend to offer approximately 1.61 million ordinary shares of Funtalk China, although the company will not see any proceeds from any offering by shareholders. Funtalk China shares were lately down 2 cents, or 0.3%, to $6.89. The stock touched an intraday low of $6.50 earlier in the session. Elsewhere, Vantage Drilling ( VTG) said it intends to offer $50 million of ordinary shares, and that underwriters of the offering have the option to purchase an additional $7.5 million of ordinary shares to cover overallotments. Concurrently, Vantage's subsidiary Offshore Group Investment will offer $960 million in senior secured notes due 2015. Vantage said the consummation of the public offering of common shares is conditioned upon the closing of Offshore's note offering and the closing of Vantage's previously announced acquisition of the 55% interest in Mandarin Drilling. Net proceeds from the concurrent offerings will be used to fund the acquisition, with the remainder to be used to repay debt and for remaining construction payments. Vantage Drilling shares were falling by 6 cents, or 5.1%, to $1.03. Earlier in Tuesday's trading session the stock fell to a new 52-week low of 99 cents. Additionally, PharmAthene ( PIP) said it will sell $3.9 million of its common stock and warrants to an existing institutional investor through a registered direct offering. PharmAthene said it will sell approximately 2.78 million newly issued shares of its common stock at $1.40 per share and warrants to purchase about 1.32 million shares of its common stock at an exercise price of $1.63 per share. PharmAthene shares fell by 11 cents, or 6.8%, to $1.52. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.