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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100