Why Innoviz Technologies Stock Is Falling Today
Innoviz Technologies (NASDAQ: INVZ) is raising cash by selling stock, and investors are disappointed with the terms. Shares of the auto tech company traded down about 25% on Thursday after the secondary offering was concluded.
Innoviz is one of several companies developing light detection and ranging (lidar) tech, one of the core components of self-driving cars and driver-assist features. The company's sensors use lasers to detect objects in the surrounding area.
Overnight, the Israeli company announced it would sell 26 million shares into the market at $2.50 each, raising about $65 million before expenses, to be used for general corporate purposes.
Source Fool.com
