Mobile data traffic sharing marketplace uCloudlink Group (UCL) recently announced that it has entered into a definitive agreement with YA II PN, Ltd., to issue and sell convertible debentures in a principal amount of $5 million and intends to use the net proceeds for general corporate purposes. The company also expects total revenues for the fourth quarter of 2021 to be between $17.50 million and $18 million, representing a 2.9% to 5.9% year-over-year increase.
However, the stock has lost 14.1% over the past month and 36.6% over the past three months to close yesterday’s trading session at $1.70. In addition, it is currently trading 87.8% below its all-time high of $13.95, which it hit on April 26, 2021. Also, analysts expect its EPS to remain negative in fiscal 2022. So, UCL’s near-term prospects look uncertain.
