BioVie shares are trading lower after the company announced it raised $3 million through a secondary offering of 1.96 million shares at $1.53 per share.
Portfolio Pulse from Benzinga Newsdesk
BioVie shares fell after the company raised $3 million through a secondary offering of 1.96 million shares at $1.53 per share.
September 24, 2024 | 1:04 pm
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BioVie's stock price declined following the announcement of a $3 million secondary offering, issuing 1.96 million shares at $1.53 each.
The secondary offering increases the total number of shares outstanding, which can dilute the value of existing shares, leading to a decrease in stock price. The offering price of $1.53 is likely below the current market price, contributing to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100