Neptune Wellness Solutions (NASDAQ:NEPT) stock is taking a beating on Thursday following an announcement for a public offering.
According to a press release, this offering has Neptune Wellness Solutions selling 12,121,212 shares of NEPT stock. These shares are priced at 33 cents each, and the company expects to raise $4 million from the offering.
In addition to this, each share sold in the offering comes with a warrant to purchase another share of NEPT stock. Investors can exercise these warrants immediately for 33 cents, and they expire in five years.
Investors aren’t reacting well to the news, which makes sense. The company is diluting its outstanding shares with this offering, and it’s also devalued the stock with its price. For comparison, NEPT stock closed out Wednesday at 41 cents per share.
Other NEPT Stock News
Neptune Wellness Solutions has also been moving forward with an inventory sale. The company’s subsidiary, Sprout, has agreed to sell up to $7.5 million worth of its inventory to Alterna Capital Solutions, LLC.
All of this news brings with it heavy trading of NEPT stock today. As of this writing, more than 1.7 million shares of the stock have changed hands. That’s well above its daily average trading volume of around 75,000 shares.
NEPT stock is down 42% as of Thursday morning.
Investors on the lookout for all of the latest stock market news will want to keep reading!
We’ve got all of the latest stock market coverage for readers to sink their teeth into on Thursday! That includes what has shares of Guardforce AI (NASDAQ:GFAI), Polar Power (NASDAQ:POLA), and Himax Technologies (NASDAQ:HIMX) stock moving today. You can get up to speed on all of this news with the links below!
More Thursday Stock Market News
- Why Is Guardforce AI (GFAI) Stock Down 32% Today?
- Why Is Polar Power (POLA) Stock Up 70% Today?
- HIMX Stock Earnings: Himax Technologies Beats EPS, Revenue
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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.