Bone Biologics (NASDAQ:BBLG) stock is breaking down on Thursday after the company announced the details of a public share offering.
Bone Biologics has revealed its public offering prices shares of BBLG stock at $1.97 each. The company is selling 2.53 million shares of its common stock in this offering. This has it expecting to raise $5 million from the offering.
To go along with that, Bone Biologics has approved an option for underwriters to acquire an additional 253,807 shares. They have up to 45 days after the offering to do so. EF Hutton is the sole book-running manager for this offering.
What This Means for BBLG Stock
Investors aren’t reacting well to the public stock offering news today. As a result, the company’s shares are falling. That makes sense, as a public offering increases the outstanding shares of BBLG stock. That, in turn, dilutes the stakes of current shareholders.
In addition to that, this offering devalues shares of BBLG stock. The company’s stock was trading at $3.93 per share when markets closed on Wednesday. That’s roughly double the price of the shares in the offering.
Considering that offering price, it makes sense that investors are seeing BBLG stock fall over 52% on Thursday morning. That also comes alongside 279,000 shares changing hands, as compared to its daily average of around 53,000 shares.
Investors seeking out even more of the most recent stock market news are going to want to keep reading!
We have all of the biggest stock market stories that traders need to know about on Thursday! A few examples include why shares of EdtechX (NASDAQ:EDTX) and Mullen Automotive (NASDAQ:MULN) stock are up, as well as the largest pre-market movers this morning. You can find out more on these matters at the following links!
More Thursday Stock Market News
- Why Is EdtechX (EDTX) Stock Up 89% Today?
- Why Is Mullen Automotive (MULN) Stock Up 7% 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.
