Virax Biolabs Group shares are trading lower after the company announced it entered into a $5 million registered direct offering of 1,108,892 shares at $4.50 per share.
Portfolio Pulse from Benzinga Newsdesk
Virax Biolabs Group shares declined following the announcement of a $5 million registered direct offering, selling 1,108,892 shares at $4.50 each.
August 22, 2024 | 12:07 pm
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Virax Biolabs Group shares are trading lower due to a $5 million registered direct offering, which involves issuing 1,108,892 shares at $4.50 per share.
The announcement of a direct offering often leads to a decrease in share price due to dilution concerns. The offering price of $4.50 per share may also be perceived as a discount, further pressuring the stock price.
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