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Tech Stocks Hit With Late Profit-Taking; Recon Tech Slumps After Direct Offering of Stock, Warrants

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Technology stocks are narrowly lower this afternoon with shares of technology companies in the S&P 500 slipping 0.1%.

In company news, Shares of Recon Technology Ltd. ( RCON ) fell over 17% to $4.51 today after agreeing to sell 546,500 ordinary shares in a registered direct offering to unnamed institutional investors at $4.81 per ordinary share, a 12% discount to Friday's close, while also issuing warrants to purchase 163,950 ordinary shares.

Gross proceeds are expected to be approximately $2.6 million. The warrants will be exercisable immediately upon issuance at an exercise price of $6.01 per ordinary share and expire three years from the date of issuance.

In other sector news,

(+) CAMT, Shares nearly doubling in value on increasing speculation the company is close to a commercial launch for its DMD printer - a first-of-its-kind 3D printer producing printed circuit boards.

(-) UNXL, Shares slump after disclosing Securities & Exchange Commission probe into its InTouch Sensors business agreements, although the touch-sensor technology firm said the inquiry shouldn't be viewed that any violations of law may have occurred.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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