Why SciSparc Shares Are Down 60%
Portfolio Pulse from Henry Khederian
SciSparc Ltd (NASDAQ:SPRC) shares dropped by 59.8% after the company announced a proposed underwritten public offering of approximately $1.3 million. The offering includes 6.5 million ordinary shares at $0.20 per share. Aegis Capital Corp. has a 45-day option to buy additional shares up to 15% of the offering, potentially increasing total gross proceeds to around $1.5 million.
August 10, 2023 | 2:25 pm
News sentiment analysis
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SciSparc's stock price has significantly dropped following the announcement of a public offering. This could indicate a lack of investor confidence in the company's current valuation.
The sharp drop in SciSparc's stock price following the announcement of a public offering suggests that investors may be concerned about the company's current valuation. The offering price of $0.20 per share is significantly lower than the company's 52-week high of $1.59, which could be contributing to the negative investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100