Guardforce AI (NASDAQ:GFAI) stock is on the rise Tuesday after the artificial intelligence (AI) company announced the closing of a public share offering.
Guardforce AI had offered up 2.58 million shares of GFAI stock during the offering. These were sold for a price of $4.65 per share. Also, underwriters exercised their rights to purchase an additional 387,090 shares of the stock for the same price.
According to Guardforce, this saw the public offering bring in $13.8 million in total. Investors are reacting well to this news as shares bounce back from a dip that happened when the offering was announced.
For the record, it’s normal for a company’s shares to slip on public offering news. That typically has to do with the outstanding shares increasing, as well as the offering price being below the stock’s trading price. That was the case with GFAI, as the stock was trading for $7.30 per share before the offering was announced.
What’s Next for GFAI Stock?
With this offering closed, shares of GFAI stock are likely to regain lost ground. Investors are already seeing that today with the stock climbing 4.2% higher as of Tuesday morning. It’ll be worth keeping an eye on shares to see if they continue to rally now that the offering is complete.
Investors seeking out more of the most recent stock market news are going to want to keep reading!
We’ve got all of the biggest stock market stories traders need to know about on Tuesday! Among that is why shares of Gilead Sciences (NASDAQ:GILD) stock, Seagen (NASDAQ:SGEN) stock and Troika Media (NASDAQ:TRKA) stock are moving today. You can catch up on all of this news at the following links!
More Tuesday Stock Market News
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- Seagen (SGEN) Stock Falls 6% After Director Sells Shares
- Why Is Troika (TRKA) Stock Up 31% 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.