By Chris Wack
Jumia Technologies AG said Monday it has entered an "at the market offering" sales agreement with Citigroup Global Markets Inc. for 8 million American depositary shares.
The pan-African e-commerce platform said it intends to use the net proceeds from the offering for general corporate purposes.
The company said the amount of net proceeds will depend on the market price at which the ADSs are sold.
Jumia shares were down 10% to $33.13 in premarket trading.
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(END) Dow Jones Newswires