Why Mainz Biomed Stock Is Crashing Today
Shares of Mainz Biomed (NASDAQ: MYNZ) had crashed by 26.4% as of 11:38 a.m. ET on Wednesday. The big decline came after the molecular genetics diagnostic company announced the pricing of a public follow-on stock offering. Mainz plans to sell 1.5 million shares at $15 per share.
It's not surprising at all that Mainz Biomed's share price dropped so much in response to the news. The price that management set for this new stock offering was roughly 26% below the closing price for the life sciences stock on Tuesday.
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