Why Is Nogin (NOGN) Stock Down 61% Today?


  • Nogin (NOGN) stock is dropping Tuesday alongside a public offering.
  • This has it pricing shares and warrants at $3 each.
  • The offering comes after a massive rally on Monday.
NOGN Stock - Why Is Nogin (NOGN) Stock Down 61% Today?

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Nogin (NASDAQ:NOGN) stock is falling hard on Tuesday after the company revealed details about a public offering for its shares.

Nogin is offering 7.33 million shares of NOGN stock and warrants to purchase 7.33 million shares of the stock. The combined price of the units being issued in this offering comes to $3 per share. This has Nogin expecting to raise $22 million in gross proceeds from the offering.

Nogin notes that several of its leaders are taking part in the public offering. This will see members of its management team and Board of Directors, as well as trusted insiders and noteholders, contributing to the offering.

Nogin already has plans for the funds it will generate from this stock offering. The company intends to use the money to “repurchase promissory notes from holders of its convertible notes.” The money will also be used for general corporate purposes, such as working capital.

NOGN Stock Offering Follows Rally

Investors will keep in mind that the public stock offering for NOGN shares comes after a massive rally yesterday. This resulted in roughly 10 million shares of the stock changing hands and the stock climbing roughly 139% when markets closed yesterday.

For the record, NOGN stock trading on Tuesday has some 1.9 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 197,000 shares.

NOGN stock is down 61.1% during Tuesday’s pre-market trading.

There’s even more stock market news investors will want to read about below!

We’ve got all of that news ready to go with our deep dive into Tuesday’s stock coverage! That includes why shares of Multi Ways (NYSEMKT:MWG), Butterfly Network (NYSE:BFLY) and Oncternal Therapeutics (NASDAQ:ONCT) stock are moving today. You can learn more on these matters at the links below!

More Tuesday Stock Market News

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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.

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