Why Silo Pharma Stock Is Down Over 30%
Portfolio Pulse from Henry Khederian
Silo Pharma Inc (NASDAQ:SILO) shares dropped by 31% to $1.55 after announcing a direct offering of 917,432 shares at $2.18 per share and issuing unregistered warrants in a private placement. The company expects gross proceeds of $2 million for working capital and general corporate purposes.
June 05, 2024 | 3:31 pm
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Silo Pharma's stock dropped 31% following the announcement of a direct offering and private placement, which will raise approximately $2 million for working capital and general corporate purposes.
The significant drop in Silo Pharma's stock price is directly linked to the announcement of a direct offering and private placement, which often dilutes existing shares and can lead to a negative market reaction.
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