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Why Is CN Energy Group (CNEY) Stock Down 58% Today?

  • CN Energy Group (CNEY) stock is falling after announcing a proposed public stock offering.
  • The company hasn’t revealed much about its planned offering.
  • That includes no date or price for the offering.
CNEY Stock - Why Is CN Energy Group (CNEY) Stock Down 58% Today?

Source: PopTika / Shutterstock

CN Energy Group (NASDAQ:CNEY) stock is taking a beating on Monday after revealing plans for a proposed public stock offering.

CN Energy Group has only just announced the planned public stock offering, meaning there aren’t many details about it just yet. What we do know is the company will be offering these shares and underwriters will have the option to acquire an additional 15% of them at the offering price.

Outside of that, we don’t know much yet. CN Energy Group has yet to reveal the price it has planned for the public offering. The company also didn’t say when it will price shares, or when the offering will take place.

Why CNEY Stockholders Are Upset

Investors almost never react positively to news a company is planning a public stock offering. This often results in a company’s stock, such as CNEY, falling alongside offering news. There are a couple of reasons for that.

First is the increase in outstanding shares. This dilutes current shareholders’ stake in the company. Second is the offering price. This is often a discount compared to the stock’s trading price, which devalues the stock.

CNEY stock is seeing heavy trading alongside the public offering news. This has more than 1 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is about 953,000 shares.

CNEY stock is down 58.4% as of Monday morning.

Investors can find more of the latest stock market news at the following links

We’ve got all of the most recent stock news for Monday! A few examples include why shares of AMC Entertainment (NYSE:AMC) and G Medical Innovations (NASDAQ:GMVD) stock are moving, as well as this morning’s biggest pre-market stock movers. You can catch up on all of that news at the links below!

More Monday Stock Market News

On the date of publication, William White did not have (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/why-is-cn-energy-group-cney-stock-down-58-today/.

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