Bullish US Stocks That Gained Most In Yesterday's Session: $ITCI $KXIN $WTRE

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Intra-Cellular Therapies Commence $350 million Underwritten Public Offering

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Intra-Cellular Therapies Inc. (NASDAQ:ITCI) was amongst the top gainers in yesterday's trading session gaining 72.87%. The company has announced the commencement of a $350 million underwritten public offering of its common shares. In relation to the offering, the company will grant underwriters a 30-day option to acquire another 15% of the common shares offered in the offering. Intra Cellular Therapies will offer all the shares to be sold in the offering.

This offering will be subject to market conditions and there is no assurance on when or whether the offering will be completed. Also, the actual size of the offering and terms has not been revealed.

Kaixin Auto Holdings Initiates Legal Proceeding Against Three Shareholders

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Kaixin Auto Holdings (NASDAQ:KXIN) is also among the stocks that were top gainers in yesterday's trading session gaining 25.22%. Recently the company announced the initiation of legal proceedings against three non-controlling stockholders of its dealerships because of issues related to operations. In 2019 the three dealerships accounted for a huge proportion of the company's revenues. Besides the COVID-19 pandemic which has had a material impact on the company's used-car dealership business, Kiaxin has experienced huge revenue losses.

To resolve the issues related to operations the company has been reviewing its business model and has already halted operation of its used-card dealership business. Because of these issues the company expects Q2 2020 revenues to be much lower compared to revenues from previous periods and might not have meaningful revenue in Q3 2020.

Watford Holdings Receives Acquisition Bid From Arch Capital Group-Led Consortium

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Another stock that was among the top gainers in yesterday's session is Watford Holdings Ltd. (NASDAQ:WTRE) which gained 24.79%. In May the company was advised to sell its business by investors and now the company has received a $500 million bod from Arch Capital Group-led consortium. The bid comes exactly a year since the company went public a period over which the company's stock has lost over 30% of its value. This raised questions on whether the reinsurer can collect adequate investment returns to cover for its expenses.

The company declared a quarterly dividend of its 81/2% Cumulative Redeemable Preference Shares trading under "WTREP" ticker symbol in Nasdaq. The dividends will be paid on September 30, 2020, to shareholders that will be on record as of September 15, 2020.

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