NanoVibronix (NASDAQ:NAOV) stock is falling on Tuesday following news of a registered direct offering from the therapeutic ultrasound technology company.
This direct offering has NanoVirbronix agreeing to sell 4.8 million shares of NAOV stock to several institutional investors. The at-the-market offering has the company pricing shares at 50 cents each with gross proceeds of $2.4 million expected.
With news of this direct offering comes concerns from investors. Specifically, they are worried about this latest offering further diluting shares. That explains why NAOV is sliding lower today.
To go along with that, we’re seeing heavy trading of NAOV stock as investors sell shares. As of this writing, more than 17 million shares have changed hands. That’s well above the daily average trading volume of about 800,000 shares.
More NAOV Stock News
Investors will also note that today’s stock offering news follows a rally of NAOV stock shares yesterday. That came about as a result of the U.S. Food and Drug Administration (FDA) granting clearance to the company’s PainShield MD PLUS.
That news saw shares of NAOV stock rally from 26 cents each when markets closed on Friday to 63 cents each when markets closed yesterday. This represents a roughly 142% increase. However, shares of NAOV stock are now falling 28.4% as of Tuesday morning. The stock is also still down 59.3% since the start of the year.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace has all of the hottest stock news traders need to know about on Tuesday! That includes what’s happening with shares of Chinese electric vehicle (EV) stocks, this morning’s biggest pre-market stock movers and more. You can find all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.