Why BioCardia (BCDA) Stock Is Falling Today
Portfolio Pulse from Henry Khederian
BioCardia Inc (NASDAQ:BCDA) shares fell 12% to $3.53 after announcing an upsized public offering of 2.4 million shares and warrants, priced at $3.00 each, with expected proceeds of $7.2 million. The offering aims to fund working capital and biotherapeutic initiatives.
August 30, 2024 | 4:12 pm
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BioCardia's stock fell 12% due to an upsized public offering of 2.4 million shares and warrants, priced at $3.00 each. The offering will raise $7.2 million for working capital and biotherapeutic initiatives.
The announcement of an upsized public offering typically leads to a decrease in stock price due to dilution concerns. The offering price of $3.00 is below the current trading price, contributing to the stock's decline.
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