tuanche ltd shares were down 66 to 240 after the company said it has entered into a definitive agreement with investors for the purchase and sale of 55 million american depositary shares and warrants to buy 55 million adss at a combined purchase price of 275 per ads and the associated warrant each associated warrant is exercisable to buy one ads for 275 each ads represents sixteen class a ordinary shares the warrant has a term equal to five years from the issuance date the proceeds to the company are expected to be 15 million the transaction is expected to close on or about wednesday the stock hit its 52week high of 1074 on nov 11 and is down 73 in the last month