Why Tharimmune Stock (THAR) Is Down 70% Today
Portfolio Pulse from Henry Khederian
Tharimmune Inc (NASDAQ:THAR) stock plummeted by 71% to $1.00 after announcing a public offering of 10 million shares or pre-funded warrants at $1.00 each, aiming to raise $10 million. The proceeds are intended for the phase 2 trial of TH104 in 2024 and other corporate purposes. The offering includes an option for underwriters to buy an additional 1.5 million shares and is expected to close on November 30, subject to standard conditions. THAR's 52-week trading range is between $0.95 and $9.50.
November 28, 2023 | 3:52 pm
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NEGATIVE IMPACT
Tharimmune's stock price has significantly dropped due to the pricing of its public offering at $1.00 per share, which is dilutive to existing shareholders and reflects a substantial discount from recent trading levels.
The sharp decline in Tharimmune's stock price is a direct result of the public offering announcement, which is priced at a level that indicates significant dilution for current shareholders. The offering price is also at the lower end of the stock's 52-week trading range, which could be perceived negatively by the market. The funds raised are crucial for the company's upcoming phase 2 trial, but the immediate impact on the stock price is decidedly negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100