Why Nano Dimension Stock Plummeted Today
Shares of Nano Dimension (NASDAQ: NNDM) have plummeted today, down by 11% as of 11:20 a.m. EST, after the company priced yet another registered direct offering. Nano Dimension will sell 35 million American depository shares at a price of $9.50 per ADS, a meaningful discount to yesterday's close of $11.43.
The industrials company, which specializes in 3D printing technology for electronics, will raise approximately $332.5 million in gross proceeds. Nano Dimension plans to use the net proceeds from the offering for working capital and other general corporate purposes.
The offering was conducted pursuant to a previous shelf registration statement that Nano Dimension had filed with the SEC. Shelf registration statements allow issuers to offer securities at later dates, giving companies greater flexibility and discretion over the timing and size of deals.
Source Fool.com
