Why Ocugen (OCGN) Stock Is Falling
Portfolio Pulse from Henry Khederian
Ocugen Inc (NASDAQ:OCGN) shares fell by 11% to $1.25 after announcing a public offering of 30,434,783 shares at $1.15 per share, aiming to raise $35 million. The offering includes a 30-day option for the underwriter to purchase an additional 4,565,217 shares. Proceeds will be used for general corporate purposes.
August 01, 2024 | 1:18 pm
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Ocugen Inc shares fell by 11% to $1.25 after the company announced a public offering of 30,434,783 shares at $1.15 per share, aiming to raise $35 million. The offering includes a 30-day option for the underwriter to purchase an additional 4,565,217 shares. Proceeds will be used for general corporate purposes.
The announcement of a public offering at a price below the current trading price typically leads to a decline in share price due to dilution concerns. The 11% drop reflects investor reaction to the dilution and the pricing of the new shares.
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