Why Innoviz Stock Fizzled Out on Thursday
Cutting-edge automotive tech company Innoviz Technologies (NASDAQ: INVZ) wasn't so cutting-edge on the stock exchange Thursday. The company's shares closed nearly 8% lower, against the relatively modest 2% decline of the S&P 500, on the news that it's seeking a big chunk of new financing.
In a regulatory filing, Innoviz divulged that it aims to raise $200 million from investors. It plans to do so by issuing fresh common stock, warrants, debt instruments, and units. This will be effected in one or more issues, the company added.
The filing took the form of a shelf registration, a document which serves to flag a company's intention to raise money.
Source Fool.com
