Scorpius (NYSEMKT:SCPX) stock is taking a beating on Wednesday after the biotech provided details on a public offering.
Scorpius has announced that it will sell 12.5 million shares of SCPX stock in this public offering. The company has also priced these shares at $1 each. That will see it generate gross proceeds of $125 million from this offering.
Additionally, underwriters have a 45-day option to acquire another 1.875 million shares of SCPX stock at the offering price. This could provide the company with additional funds if the option is exercised.
Scorpius also notes that it already has plans for the money raised through this offering. The company intends to use it for working capital and general corporate purposes.
What This Means for SCPX Stock Today
Scorpius stock is falling today, and that makes sense. The public offering dilutes the stakes of current investors. Additionally, the offering price of $1 per share is a heavy discount over its prior closing price of $5.63 per share.
SCPX stock is down 78.9% as of Wednesday morning. The stock was also down 94.2% year-to-date when markets closed on Tuesday.
Investors will want to stick around for even more of the most recent stock market stories today!
We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples include what’s happening with shares of G1 Therapeutics (NASDAQ:GTHX) and Zhongchao (NASDAQ:ZCMD) stock, as well as the biggest pre-market stock movers this morning. All of that news is readily available at the links below!
More Wednesday Stock Market News
- Why Is G1 Therapeutics (GTHX) Stock Up 66% Today?
- Why Is Zhongchao (ZCMD) Stock Up 52% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
