Why CASI Pharmaceuticals Is Crashing Today
CASI Pharmaceuticals (NASDAQ: CASI) was down by roughly 15% in late trading on Wednesday, against the more or less flat performance of the S&P 500 index. The catalyst is the company's pricing of a relatively large and dilutive public issue of new stock.
CASI announced Wednesday morning that it is issuing just under 15.9 million shares of its common stock at a price of $2.05 per share. The issue's underwriters have also collectively been granted an option to buy nearly 2.4 million additional shares.
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Source Fool.com
