Why HEXO Tumbled Nearly 9% Today
HEXO (NYSE: HEXO) was nobody's idea of a euphoric marijuana stock on Tuesday. The shares fell by 8.7% on the day following the announcement of a new, potentially dilutive capital-raising move by the company.
HEXO has launched an at-the-market equity program allowing it to sell up to 150 million Canadian dollars ($124 million) worth of its common stock. Sales of the newly minted shares can, and almost certainly will, take place from time to time at HEXO's discretion.
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Source Fool.com
