Contango ORE shares are trading lower after the company announced the pricing of a $30.4 million underwritten public offering of 1.6 million shares of its common stock at a price of $19 per share.
Portfolio Pulse from Benzinga Newsdesk
Contango ORE has announced the pricing of a $30.4 million underwritten public offering of 1.6 million shares of its common stock at a price of $19 per share. Following the announcement, the company's shares are trading lower.
July 24, 2023 | 6:37 pm
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Contango ORE's stock price is trading lower after the announcement of a $30.4 million public offering. The offering is priced at $19 per share, which may be lower than the current trading price.
The announcement of a public offering usually leads to a decrease in the stock price. This is because the offering increases the number of shares available in the market, diluting the value of existing shares. In this case, the offering price of $19 per share may also be lower than the current trading price, leading to a decrease in the stock price.
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