VisionSys shares fall 15.44% premarket due to $12M offering causing massive shareholder dilution.

VisionSys AI Inc. fell 15.44% in premarket trading following the announcement of a $12 million registered direct offering, which significantly diluted existing shareholders. The offering, exceeding the company’s $10.15 million market capitalization, involved issuing 9.23 million ADSs and warrants with aggressive anti-dilution provisions, including exercise price resets to as low as $0.65 and zero-cash exercise options. These terms, coupled with a 6% placement agent fee and additional warrants for the lead agent, signaled severe shareholder dilution and weak negotiation power, pressuring the stock. The transaction’s structure and magnitude, along with prolonged overhang from warrant exercises, likely triggered the sharp premarket decline.