Fortress Biotech shares are trading lower after the company announced pricing of an $11 million registered direct offering priced at-the-market under Nasdaq rules.
Portfolio Pulse from Benzinga Newsdesk
Fortress Biotech's stock is trading lower following the announcement of an $11 million registered direct offering priced at-the-market under Nasdaq rules.
December 29, 2023 | 4:09 pm
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Fortress Biotech's stock price is expected to experience downward pressure in the short term due to the announcement of an $11 million registered direct offering.
Registered direct offerings often lead to dilution of existing shares, which can result in downward pressure on the stock price. As the offering is priced at-the-market, it indicates that the new shares are being sold at the current market price, which can be less attractive to investors and may lead to a decrease in demand for the stock.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100