60 Degrees (NASDAQ:SXTP) stock is falling on Tuesday after the specialty pharmaceutical company’s public offering went into effect.
60 Degrees originally revealed plans for a public offering last week with its intention to enact the offering as soon as possible. Now that offering is live today after a filing with the U.S. Securities and Exchange Commission (SEC).
In its previous filing, 60 Degrees said it planned to offer up to about 4.79 million units. These would each come with a share of SXTP stock and a warrant to purchase another share. Further, 60 Degrees was planning to base the offering price off of its price of 62 cents on Jan. 19. It also intended for the exercise price of the warrants to be 110% of the offering price.
What’s Happening to SXTP Stock?
Investors don’t appear to be happy about the stock offering today with SXTP shares falling 32.7% as of Tuesday morning. That makes sense as the offering dilutes the stakes of current shareholders.
It also seems likely that the units in the public offering are being sold for a discount to their prior closing price. That’s another reason shares of SXTP stock are likely falling on Tuesday.
As of this writing, roughly 663,000 shares of SXTP stock have changed hands. That’s already above its daily average trading volume of about 615,000 shares.
Investors looking for all of the latest stock market stories today are in luck!
We have coverage of the biggest stock market news happening on Tuesday! That includes everything going on with Sidus Space (NASDAQ:SIDU) stock, Agrify (NASDAQ:AGFY) stock and General Motors (NYSE:GM) stock today. You can catch up on these stories at the following links!
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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.
