Nxu shares are trading lower after the company announced a $3 million public offering of common stock of 86 million shares at an average price of $0.035 per share.
Portfolio Pulse from Benzinga Newsdesk
Nxu has announced a $3 million public offering of common stock, with 86 million shares being offered at an average price of $0.035 per share. This has led to a decrease in the company's share price.
October 19, 2023 | 3:23 pm
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Nxu's share price has fallen following the announcement of a $3 million public offering of 86 million shares at an average price of $0.035 per share.
The announcement of a public offering typically leads to a decrease in the company's share price. This is because the offering increases the number of shares in circulation, diluting the value of existing shares. In Nxu's case, the offering price is also significantly lower than the current trading price, which further drives down the share price.
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