Why Nuwellis (NUWE) Stock Is Nosediving
Portfolio Pulse from Henry Khederian
Nuwellis Inc (NASDAQ:NUWE) shares dropped by 12.4% after the company announced the pricing of a $2.25 million public offering of Series J Convertible Redeemable Preferred Stock and Warrants. The gross proceeds from the offering are expected to be approximately $2.25 million, which will be used for working capital and general corporate purposes.
October 13, 2023 | 4:04 pm
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Nuwellis' stock price fell by 12.4% following the announcement of a $2.25 million public offering. The proceeds will be used for working capital and general corporate purposes.
The drop in Nuwellis' stock price is likely due to the dilution of shares caused by the public offering. This often leads to a decrease in share price as each share represents a smaller fraction of the company's equity.
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