Why Quoin Pharmaceuticals (QNRX) Shares Are Nosediving
Portfolio Pulse from Henry Khederian
Quoin Pharmaceuticals Ltd - ADR (NASDAQ:QNRX) shares plummeted by 46.9% to $1.54 after announcing a $6.5 million public offering at $1.60 per ADS, including ordinary shares, pre-funded warrants, and warrants. The offering, closing around March 7 with A.G.P./Alliance Global Partners as the sole placement agent, aims to raise funds for general corporate purposes. QNRX's 52-week trading range is between $1.50 and $12.00.
March 05, 2024 | 3:38 pm
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Quoin Pharmaceuticals' stock price plummeted following the announcement of a $6.5 million public offering at a price lower than its recent trading price.
The significant drop in Quoin Pharmaceuticals' stock price is directly related to the announcement of its public offering, which is often perceived negatively by the market due to potential dilution of existing shares. The offering price being set below the recent trading price further exacerbates investor concerns, leading to a sharp decline in stock value.
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