Why Pineapple Energy (PEGY) Stock Is Down 21%
Portfolio Pulse from Henry Khederian
Pineapple Energy Inc (NASDAQ:PEGY) shares dropped by 21.9% after announcing a market offering agreement with Roth Capital Partners to sell up to $10 million worth of common stock through ATM offerings. The agreement allows flexibility in sales, with no obligation to sell any shares.
October 22, 2024 | 3:01 pm
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Pineapple Energy's stock fell 21.9% following the announcement of a $10 million ATM offering agreement with Roth Capital Partners. This move introduces potential dilution, impacting investor sentiment negatively in the short term.
The announcement of an ATM offering agreement allows Pineapple Energy to sell up to $10 million in stock, which can lead to dilution of existing shares. This potential dilution is likely causing the stock price to drop as investors react to the news.
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