SMX (Security Matters) (NASDAQ:SMX) stock is slipping on Wednesday after the company announced a proposed public offering for its shares.
According to a filing with the Securities and Exchange Commission (SEC), investors can expect the company to offer up to 15,921,787 shares of SMX stock to the public. The company currently has an assumed offering price of $0.179 for these shares.
SMX notes that the price of the offering isn’t final. The current price represents a 17.5% discount over the stock’s closing price at the time of the proposal. The final pricing will likely mimic this discount. At the current pricing, SMX is expecting gross proceeds of $2,778,750 from the public offering.
What This Means for SMX Stock
A public offering would increase the total number of outstanding shares of SMX stock on the market. Doing so would dilute the current stakes of shareholders in the company. This is likely one reason the stock is falling today.
Adding to that is the pricing of the public offering. With the company considering a discount over its current price, it makes sense that shares would slip on the news.
SMX stock is down 4.5% as of Wednesday morning.
Investors seeking out even more of the most recent stock market news will want to stick around!
We have all of the hottest stock market stories worth reading about on Wednesday! That includes everything happening with shares of Remark (NASDAQ:MARK) stock, Lytus Technologies (NASDAQ:LYT) stock and SINTX Technologies (NASDAQ:SINT) stock today. You can check out this news at the links below!
Stock Market News for Wednesday
- Why Is Remark (MARK) Stock Down 45% Today?
- Why Is Lytus Technologies (LYT) Stock Up 26% Today?
- Why Is SINTX Technologies (SINT) Stock Up 52% 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.
