That public offering has Miromatrix Medical selling 6,250,000 shares of MIRO stock for a price of $1.60 each. This has the company expecting to raise $10 million in gross proceeds from the public offering.
In addition to this, underwriters of the offering have a 30-day option to purchase an additional 937,500 shares of MIRO stock. Piper Sandler & Co. is the book-running manager, and Craig-Hallum is the lead manager for the offering.
How This Affects MIRO Stock
A public offering has the company increasing the total amount of outstanding shares on the market. With that comes a reduction in stake for current shareholders of the company. That helps explain why shares of MIRO stock are falling today as investors react negatively to the news.
To go along with that, the price of shares in the public offering is below its previous closing price of $2.47. Keeping that in mind, it makes sense that the price of MIRO stock would be pulled lower today.
Finally, some 120,000 shares of MIRO stock are on the move as of this writing. That’s well above the company’s daily average trading volume of roughly 22,000 shares. That’s another reason why MRIO stock is falling 40.5% as of Wednesday morning.
Even more stock market news is ready to go below!
We’ve got all of the hottest stock market coverage traders need to know about on Wednesday. That includes what has shares of Intelligent Bio Solutions (NASDAQ:INBS), Fresh Tracks Therapeutics (NASDAQ:FRTX), and Veon (NASDAQ:VEON) stock on the move today. You can catch up on all of this news at the following links!
More Wednesday Stock Market News
- Why Is Intelligent Bio Solutions (INBS) Stock Down 48% Today?
- Why Is Fresh Tracks Therapeutics (FRTX) Stock Up 92% Today?
- Why Is Veon (VEON) Stock Up 905% Today?
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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.