TransCode Therapeutics (NASDAQ:RNAZ) stock is falling hard on Tuesday after the medical company announced a public share offering.
According to a press release, TransCode Therapeutics is offering 15.7 million shares of RNAZ stock for 51 cents each. This has the company expecting to raise $8 million in gross proceeds from the public offering.
TransCode Therapeutics has also granted underwriters of the offering a 45-day option to acquire another 2,339,200 shares. These will be priced the same as the shares included in the public stock offering. ThinkEquity is the sole book-running manager for the offering.
What This Means for RNAZ Stock
A public stock offering means that TransCode Therapeutics is increasing the total number of outstanding shares. Doing so dilutes current shareholders’ stake in the company, which is one reason RNAZ stock is down today.
Another reason for RNAZ stock falling today is the price of shares in the offering. While the company is selling shares of 51 cents, its stock closed out Monday at $2.55 each. That means the offering represents a significant discount on the stock’s previous closing price. However, the stock also rallied 284% yesterday.
Today’s news has some 4.6 million shares of RNAZ stock changing hands. For the record, its daily average trading volume is about 2.1 million shares. With this, shares of RNAZ stock are down 68.6% as of Tuesday morning.
Investors seeking out even more of the most recent stock market stories for Tuesday will want to keep reading!
We’re offering up all of the latest stock market news that traders need to know about today. A few examples include why shares of Tharimmune (NASDAQ:THAR) and Femasys (NASDAQ:FEMY) stock are up, as well as the biggest pre-market stock movers for today. All of that info is available at the links below!
More Tuesday Stock Market News
- Why Is Tharimmune (THAR) Stock Up 54% Today?
- Why Is Femasys (FEMY) Stock Up 181% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
