Blink Charging (NASDAQ:BLNK) stock is sliding lower on Tuesday following an update on its public offering plans.
Blink Charging announced today that it intends to sell $100 million worth of BLNK stock in a public offering. That’s an upsized offering compared to the $75 million in BLNK stock the company originally planned to sell.
The public offering has Blink selling 8.33 million shares of its stock at $12 apiece. For the record, shares of BLNK were trading at $13.86 each when markets closed on Monday. Also, the offering includes an option for sole underwriter Barclays (NYSE:BCS) to acquire an additional 1.24 million shares.
According to Blink Charging, it expects net proceeds from the offering to come in at $95 million. The company will use this money for electric vehicle (EV) charging station deployments, investments and acquisitions, general corporate purposes and more.
Why BLNK Stock Is Down Today
It’s no surprise that Blink Charging stock is falling alongside the public offering news. Investors don’t often react well to stock offerings. That’s because offerings increase the number of outstanding shares and are priced below market value.
With today’s offering news comes heavy trading of BLNK stock. That has 1.3 million shares on the move shortly after markets opened. For the record, the company’s daily average trading volume is about 1.2 million shares.
BLNK stock is down 10.4% as of Tuesday morning.
Investors seeking more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock coverage traders need to know about on Tuesday! A few examples include why shares of Kiora Pharmaceuticals (NASDAQ:KPRX), Rubius Therapeutics (NASDAQ:RUBY) and Bed Bath & Beyond (NASDAQ:BBBY) stock is moving today. All of that news is ready to go at the links below!
More Tuesday Stock Market News
- Why Is Kiora Pharmaceuticals (KPRX) Stock Up 61% Today?
- Why Is Rubius Therapeutics (RUBY) Stock Down 16% Today?
- Why Is Bed Bath & Beyond (BBBY) Stock Down 32% Today?
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.
