CISO Global (NASDAQ:CISO) stock is taking a beating on Wednesday after the cybersecurity company announced the pricing of a share offering.
CISO is offering up 20 million shares of CISO stock for a price of 20 cents per share in a registered direct offering. The company notes that it’s already entered into purchase and sale agreements with investors buying these shares.
CISO notes that this stock sale will bring in $4 million of net proceeds. The company says it intends to use these funds for general corporate purposes. That includes working capital, capital expenditures, research and development, acquisitions, investments, and debt repayment.
What This Means for CISO Stock
Unsurprisingly, shares of CISO are falling alongside the offering news. That makes sense as it increases the total number of outstanding shares of CISO stock. This is a typical reaction from investors not happy about offerings diluting current stakes in companies.
In addition to that, the offering price of 20 cents per share isn’t helping CISO today. This is a discount compared to its prior closing price of 30 cents per share. Yet again, the lower price for the offering isn’t helping investor morale today.
As a result, shares of CISO stock are down 30.1% as of Wednesday morning. That builds on an already large 87.2% loss since the start of the year.
Investors seeking out more of the most recent stock market news will want to keep reading!
We’ve got all of the hottest stock market news worth knowing about on Wednesday! A few examples include why shares of BRF (NYSE:BRFS) and WeTrade Group (NASDAQ:WETG) stock are moving, as well as the biggest pre-market stock movers today. All of that is ready to go at the links below!
More Stock Market News For Wednesday
- Why Is BRF (BRFS) Stock Moving Today?
- Why Is WeTrade (WETG) Stock Up 53% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.
