SurgePays shares are trading lower after the company priced its $15 million public offering of 2,678,571 shares at $5.60 per share.
Portfolio Pulse from Benzinga Newsdesk
SurgePays, Inc. has priced a public offering of 2,678,571 shares at $5.60 each, aiming to raise $15 million. The news has led to a decline in the company's stock price.
January 18, 2024 | 5:29 pm
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SurgePays' stock price is trading lower due to the pricing of its public offering at $5.60 per share, which is aimed at raising $15 million.
The pricing of SurgePays' public offering below the current market price typically leads to a short-term negative impact on the stock as it dilutes existing shareholders and implies the stock may be overvalued at current levels.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100