According to a news release from the company, it’s planning for a firm commitment underwritten public offering. The company didn’t say how large the offering will be, however. That means we don’t know how many shares will be offered or what price they will have.
GlucoTrack says that it already has plans for the potential funds raised from the public offering. It will use them for general corporate purposes and working capital. That may include acquisitions, business combinations, investments, sales, marketing and other matters.
Why the Negative GCTK Stock Reaction?
It’s not often that investors are excited about public stock offering news. Offerings mean that investors’ current stakes in a company are reduced by increasing the outstanding number of shares. Offering prices are also often lower than the market price, which also harms the stock. This appears to be what’s concerning GCTK stock investors today.
While shares of GCTK stock are down today, it doesn’t come with heavy trading. Only about 591,000 shares have changed hands as of this writing. For comparison, the company’s daily average trading volume is closer to 2.3 million shares.
GCTK stock is down 35.9% during pre-market trading on Thursday!
Investors seeking more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need for Thursday! A few examples include why shares of Jiuzi (NASDAQ:JZXN) and Auddia (NASDAQ:AUUD) stock are rising and the biggest pre-market stock movers this morning. All of that news is ready to go below!
More Thursday Stock Market News
- Why Is Jiuzi (JZXN) Stock Up 41% Today?
- Why Is Auddia (AUUD) Stock Up 119% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.