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Why Is Kulr Technology (KULR) Stock Down 27% Today?


  • Kulr Technology (KULR) stock is dropping after announcing a proposed public offering.
  • The company has yet to reveal the finer details of this offering.
  • Investors will note the offering comes after a solid Q2 earnings report.
KULR Stock - Why Is Kulr Technology (KULR) Stock Down 27% Today?

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Kulr Technology (NYSEMKT:KULR) stock is falling hard on Thursday after the thermal management company announced a proposed public share offering.

Kulr Technology has yet to reveal the finer details of the stock offering. That means we still don’t know how many shares will be included or what they will be priced at. This will likely be revealed in a later release from the company.

What we do know is that Kulr Technology intends to offer underwriters the ability to acquire an additional 15% of shares in the offering. The company also says it will use the funds to pay off debts, working capital, and general corporate purposes.

More KULR Stock News

The stock offering from Kulr Technology was announced after it released results for the second quarter of 2023. The company’s earnings per share of -5 cents matched analysts’ estimates. Also, its revenue of $2.7 million came in above the $2.6 million that Wall Street was expecting for the period.

To go along with that, the company provided its guidance for the full year of 2023. This has it expecting revenue for the year to range from $10 million and $14 million. For comparison, analysts are expecting revenue of $12.01 million for the year.

KULR stock is down 26.7% Thursday morning, with more than 1.5 million shares changing hands. For the record, its daily average trading volume is about 427,000 shares.

Investors keeping an eye out for all of the hottest stock market news this morning are in luck!

We’ve got all of the greatest stock market stories that traders need to know about on Thursday! A few examples include why shares of Ascent Solar Technologies (NASDAQ:ASTI) and Tivic Health Systems (NASDAQ:TIVC) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/08/why-is-kulr-technology-kulr-stock-down-27-today/.

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