Why Know Labs (KNW) Stock Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
Know Labs Inc (NASDAQ:KNW) shares dropped by 34% to $0.23 after the company announced a $7 million public offering of common stock. The offering is expected to close on September 29. The proceeds will be used for product development, clinical studies, general and administrative expenses, intellectual property, and working capital.
September 27, 2023 | 1:41 pm
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Know Labs' stock price fell by 34% following the announcement of a $7 million public offering of common stock. The proceeds will be used for various company expenses and developments.
The announcement of a public offering often leads to a decrease in the stock price as it dilutes the value of existing shares. In this case, Know Labs' stock price fell by 34%, indicating a negative short-term impact.
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