Why Innoviz Stock Is Tumbling Today
Portfolio Pulse from Adam Eckert
Innoviz Technologies Ltd (NASDAQ:INVZ) has commenced an underwritten public offering of 26 million of its ordinary shares at a price of $2.50 per share, with an option for underwriters to buy up to 3.9 million additional shares. The gross proceeds are expected to total $65 million, which will be used for general corporate purposes. The offering is expected to close on Aug. 14. Innoviz shares are down 20% since the start of the year.
August 10, 2023 | 12:44 pm
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Innoviz Technologies has announced a public offering of its shares, which has led to a decrease in its stock price. The company's shares are down 20% since the start of the year.
The announcement of a public offering often leads to a decrease in a company's stock price, as it dilutes the value of existing shares. This seems to be the case with Innoviz, whose shares have decreased in value since the announcement. Furthermore, the company's shares have been on a downward trend since the start of the year, which could indicate a lack of investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100