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CLPS Chairman Says Thanks to Shareholders; Stock Soars 21%

Anna Vodopyanova 2018-11-19 14:55 PM
CLPS Chairman Says Thanks to Shareholders; Stock Soars 21%

The stock of CLPS Inc. (Nasdaq: CLPS) soared more than 21 percent this morning after the company released a letter to shareholders from its chairman, Xiao Feng Yang, expressing thanks for the support in the completed public offering and listing objectives to improve its business.

CLPS, a Shanghai-based information technology and consulting company, debuted on Wall Street on May 24 at $5.25 per share, rising 5 percent on Day One.

Last week, the company announced that its underwriter, The Benchmark Co. LLC, had exercised the over-allotment in full and purchased an additional 300,000 shares, bringing the proceeds of the offering for CLPS to $12.08 million. Since the announcement on June 14, the stock of the company has more than doubled to yesterday's close of $10.76 per ADS.

In early trading Wednesday, the stock of CLPS was trading at $13.05 per share.

In his letter to shareholders, Yang said the company&`#`39;s IPO marked a new era for CLPS as it helped propel its expansion of IT training and infrastructure, deepen its FinTech knowledge and services, and pursue strategic partnerships.

"We have collaborated with more than 100 universities to leverage technical curriculum and provide professional certifications and we have developed a deep pool of talent to support complex IT projects," Yang said.

"Our training programs provide industry expertise with up-to-date financial domain knowledge, technical development, and skills in advanced programming languages and solutions. More than 70 percent of our personnel are dedicated to serving foreign financial institution clients. We have broad geographic reach to support customers. Currently, we have over 1600 IT professional staff in 11 offices."

Yang concluded his letter by saying the IPO set up "a firm foundation for the Company's future growth and value creation."

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CLPS, which debuted on Nasdaq in May, rose more than 21 percent in early trading on Wednesday to $13.05 per share after the company released a letter to shareholders from its chairman.

(Source: Thomson Reuters Eikon)