SpringBig Stock Plummets On Pricing Of $4M Public Offering
Portfolio Pulse from Vuk Zdinjak
SpringBig Holdings (NASDAQ:SBIG) announced a $4M public offering of 13 million shares at $0.3037 per share. The offering is expected to close on May 31, 2023. Gross proceeds are estimated at $3M, with $1M of the company's existing senior secured convertible note being canceled in exchange for shares. The funds will be used for working capital and general corporate purposes.
May 26, 2023 | 2:33 pm
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SpringBig's stock price plummeted following the announcement of a $4M public offering. The offering is expected to close on May 31, 2023, and the proceeds will be used for working capital and general corporate purposes.
The announcement of the public offering has led to a drop in SpringBig's stock price, as investors may be concerned about the dilution of their shares. The offering is expected to close on May 31, 2023, and the proceeds will be used for working capital and general corporate purposes, which could help the company in the long run. However, in the short term, the stock price is likely to be negatively impacted.
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