BOSTON ( TheStreet) -- China XD Plastics ( CXDC) shares were falling Monday after the company announced a $20 million capital raise.
China XD Plastics said it will issue roughly 3.3 million shares of common stock to institutional investors in a registered direct placement at $6 per share, below Friday's closing price of $6.72. The Chinese plastics manufacturer said it will also issue to investors warrants to purchase common stock at an exercise price of $6 per share. Shares of China XD Plastics are tumbling by $1, or 14.9%, to $5.72 at the start of trading Monday. Elsewhere, iCAD ( ICAD) said in a regulatory filing Friday that it will offer $75 million in common stock. Net proceeds will be used to make acquisitions of assets, businesses or securities, to repay debt or capital expenditures, or for working capital. Shares of iCAD are down 3 cents, or 1.7%, to $1.70. -- Written by Robert Holmes in Boston. >To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: email@example.com.