Omniq (NASDAQ:OMQS) stock is taking a beating on Friday after the artificial intelligence (AI) company announced a public share offering.
According to a press release, Omniq is selling 3 million shares of OMQS stock in this public offering. The company has also priced these shares at $1 each. There’s also an option for underwriters to acquire another 450,000 shares within 45 days of the offering.
Omniq expects gross proceeds for the stock offering to total $3 million. However, that number could climb to $3.45 million if sole book-running manager ThinkEquity exercises its right to acquire additional shares.
What This Means for OMQS Stock
With this stock offering, Omniq is increasing the total number of shares available on the market. Doing so dilutes the stakes of current investors. This is one of the reasons that the stock is falling today.
In addition to that, the stock offering price of $1 per share is a significant discount to its prior closing price of $1.60 per share. That’s the other reason investors are seeing shares of OMQS stock lose value today.
With this news comes some 11,000 shares of OMQS stock changing hands. That’s closing in on its daily average trading volume of about 15,000 shares. It also has the company’s stock down 42.7% as of Friday morning.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We’re offering up all of the hottest stock market news that traders need to know about on Friday! A few examples include why shares of RVL Pharmaceuticals (NASDAQ:RVLP) and Vaccinex (NASDAQ:VCNX) 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!
More Friday Stock Market News
- Why Is RVL Pharmaceuticals (RVLP) Stock Up 28% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
