Cardenal Therapeutics shares are trading lower after a Form S-1 showed the company filed for the resale from time to time of up to 8.85 million shares of common stock for $0.001 per share by the selling stockholders.
Portfolio Pulse from Benzinga Newsdesk
Cardenal Therapeutics has filed a Form S-1 for the resale of up to 8.85 million shares of common stock at $0.001 per share by the selling stockholders. This has led to a decrease in the company's share price.
July 24, 2023 | 6:38 pm
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Cardenal Therapeutics' filing for resale of up to 8.85 million shares has led to a decrease in its share price.
The filing for resale of a large number of shares often leads to a decrease in the share price due to the potential dilution of existing shares. This is likely the cause for the drop in Cardenal Therapeutics' share price.
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