Why Transcode Therapeutics (RNAZ) Stock Is Down 60%
Portfolio Pulse from Henry Khederian
Transcode Therapeutics Inc (NASDAQ:RNAZ) shares dropped by 62% to $0.30 after announcing a public offering of 10 million shares at $0.30 per share, aiming to raise $3 million. The funds will be used for product development and general corporate purposes.
July 23, 2024 | 5:26 pm
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Transcode Therapeutics Inc (NASDAQ:RNAZ) shares fell by 62% to $0.30 following the announcement of a public offering of 10 million shares at $0.30 per share, aiming to raise $3 million. The funds will be used for product development and general corporate purposes.
The significant drop in RNAZ's stock price is directly linked to the announcement of a public offering at a low price point, which dilutes existing shares and raises concerns about the company's financial health. This news is highly relevant and important for investors as it directly impacts the stock's value.
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