Cineverse Announces Pricing Of $8M Public Offering For The Purchase And Sale Of 2,666,667 Shares Of Common Stock At A Price Of $3/Share
Portfolio Pulse from Benzinga Newsdesk
Cineverse Corp. (NASDAQ:CNVS) announces an $8 million public offering for the purchase and sale of 2,666,667 shares of common stock at $3 per share. The offering includes warrants to purchase up to 2,666,667 shares of common stock, exercisable immediately and expiring in five years.
June 14, 2023 | 12:14 pm
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Cineverse's $8 million public offering at $3 per share may dilute existing shareholders' value and impact the stock price in the short term.
The public offering of 2,666,667 shares at $3 per share will increase the number of outstanding shares, potentially diluting the value of existing shares. Additionally, the warrants to purchase up to 2,666,667 shares of common stock may further dilute the value if exercised. This could lead to a short-term negative impact on the stock price.
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