Rani Therapeutics shares are trading lower after the company announced a $10 million direct offering of 3 million shares at $3 per share
Portfolio Pulse from Benzinga Newsdesk
Rani Therapeutics' stock is declining following the announcement of a $10 million direct offering, involving 3 million shares priced at $3 each.
October 15, 2024 | 4:16 pm
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Rani Therapeutics' stock is experiencing a decline due to the announcement of a $10 million direct offering, which involves issuing 3 million shares at $3 per share.
The direct offering increases the number of shares outstanding, which can dilute existing shareholders' value, leading to a decrease in stock price. The offering price of $3 per share may also be perceived as undervaluing the company, contributing to the negative sentiment.
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