Why BlackBerry Shares Are Trading Lower By Over 17%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
BlackBerry Limited's stock (NYSE:BB) fell by over 17% after announcing a proposed private offering of $160 million in convertible senior notes. Other stocks experienced significant movement in Wednesday's mid-day session, with notable gainers including Getaround, Inc. (NYSE:GETR), Evaxion Biotech A/S (NASDAQ:EVAX), and SciSparc Ltd. (NASDAQ:SPRC), among others. Losers included Richtech Robotics Inc. (NASDAQ:RR), Rail Vision Ltd. (NASDAQ:RVSN), and Gamer Pakistan Inc. (NASDAQ:GPAK).
January 24, 2024 | 6:05 pm
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NEGATIVE IMPACT
BlackBerry Limited's stock fell sharply by 17.2% due to the announcement of a proposed private offering of convertible senior notes.
Convertible note offerings can lead to dilution of existing shares, which often results in a negative short-term reaction from the market.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Evaxion Biotech A/S gained 94.4% after a 13G filing showed Merck & Co reported an 11.4% stake in the company.
Investment by a major pharmaceutical company like Merck & Co is a strong vote of confidence, often leading to a positive market response.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Getaround, Inc. shares surged 151.3% after announcing a new debt facility with Mudrick Capital Management for up to $20 million.
The announcement of a new debt facility is seen as a positive development, providing the company with additional capital and potentially improving investor sentiment.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
SciSparc Ltd. shares increased by 61.3% following the announcement of a $20 million standby equity purchase agreement.
The standby equity purchase agreement provides the company with a financing option, which the market may interpret as a positive liquidity event.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80