What's Going On With GT Biopharma Stock Tuesday?
Portfolio Pulse from Dylan Berman
GT Biopharma (NASDAQ:GTBP) announced a direct offering of 740,000 shares at $4.35 per share, along with warrants for an additional 740,000 shares. The company expects to raise approximately $3.2 million before fees and plans to use the proceeds for general corporate purposes. The stock initially rose but then turned negative, down 22.1% at $6.07.
May 21, 2024 | 3:59 pm
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GT Biopharma announced a direct offering and warrants, aiming to raise $3.2 million. The stock initially rose but then turned negative, down 22.1%.
The announcement of a direct offering and warrants typically dilutes existing shares, which can negatively impact the stock price. The stock's initial rise followed by a significant drop indicates investor concern over dilution and the company's financial strategy.
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RELEVANCE 100