Absci shares are trading lower after the company announced an offering of 16.7 million shares at $4.50 per share.
Portfolio Pulse from Benzinga Newsdesk
Absci Corp announced a public offering of 16.7 million shares at $4.50 each, causing its stock to trade lower.
February 28, 2024 | 5:09 pm
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Absci Corp's stock is trading lower due to the announcement of a significant share offering at $4.50 per share.
The announcement of a large share offering typically dilutes the value of existing shares, leading to a decrease in stock price. Given the size of the offering relative to Absci's market cap, this is likely to have a significant negative impact on the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100