Why SenesTech Stock (SNES) Is Getting Hammered Today
Portfolio Pulse from Henry Khederian
SenesTech Inc (NASDAQ:SNES) stock plummeted by 36% to $1.18 after announcing a public offering of approximately 3.8 million shares at $1.30 per share, with additional warrants. The offering aims to raise about $5.0 million for general corporate purposes, R&D, and potential acquisitions. The offering is expected to close by November 30, with H.C. Wainwright & Co. as the exclusive placement agent. This follows a brief rise in after-hours trading due to the launch of Evolve Soft Bait at Ace Hardware in California. SNES's 52-week range is $1.75 to $80.98.
November 28, 2023 | 1:43 pm
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SenesTech's stock price dropped significantly due to the pricing of its public stock offering below the previous close, indicating dilution for existing shareholders.
The sharp decline in SenesTech's stock price is a direct result of the public offering priced below the current trading price, which typically leads to dilution of shares and is often perceived negatively by the market in the short term.
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