Why Azitra (AZTR) Shares Are Down 67%
Portfolio Pulse from Henry Khederian
Azitra Inc (NASDAQ:AZTR) shares plummeted 67.8% to $0.28 after announcing a public offering of 16.667 million shares at $0.30 each, aiming to raise about $5 million. The funds are designated for clinical trials, product development, and other corporate purposes. The offering, managed by ThinkEquity, is expected to close on February 16.
February 14, 2024 | 1:10 pm
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Azitra Inc's stock price plummeted following the announcement of a public offering at a price lower than its recent trading levels, aiming to raise approximately $5 million.
The significant drop in Azitra Inc's stock price is directly related to the announcement of a public offering at $0.30 per share, which is a common reaction as current shareholders face dilution. The funds raised are aimed at supporting clinical trials and R&D, which are critical for the company's growth but do not immediately mitigate the negative impact of dilution on stock price.
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