BYND Cannasoft Enterprise (NASDAQ:BCAN) stock is dropping on Monday after the company announced an underwritten stock offering.
BYND Cannasoft announced the underwritten offering after markets closed on Friday. The company has yet to provide firm details about the offering. That includes no information on the price of the offering or how many shares it will include.
Instead, investors will want to keep an eye on BCAN stock as it may announce this information in the coming days. What we do know is that Aegis Capital Corp. is serving as the sole book-running manager for the offering.
In addition to that, BYND Cannasoft also said what it plans to do with funds raised from the offering. It plans to use the gross proceeds from the offering for working capital.
BCAN Stock Movement Today
Following news of the stock offering, investors are selling off shares of BCAN stock. As a result, the company’s shares are seeing heavy trading on Monday. That has some 352,000 shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 61,000 shares.
BCAN stock is down 45.8% as of Monday morning. That builds on a 19.9% drop since the start of the year as of Friday’s close.
Investors seeking out even more of the most recent stock market news for Monday are in luck!
We have all of the biggest stock market stories that traders need to know about today! That includes what’s moving shares of Quoin Pharmaceuticals (NASDAQ:QNRX) stock, Argenx (NASDAQ:ARGX) stock, and Acumen Pharmaceuticals (NASDAQ:ABOS) stock today. You can find more on these matters at the links below!
More Stock Market News for Monday
- Why Is Quoin Pharmaceuticals (QNRX) Stock Down 90% Today?
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- Why Is Acumen Pharmaceuticals (ABOS) Stock Up 46% Today?
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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.
