Why Poet Technologies Stock Tanked on Thursday
Highly specialized opto-electronic components company Poet Technologies (NASDAQ: POET) was highly unpopular with Mr. Market on Thursday. Investors expressed their displeasure at news of a capital-raising effort by selling the stock aggressively. As a result, it closed the day more than 17% lower.
That morning, Poet announced it was issuing just under 20.7 million shares of its common stock in a registered direct offering to investors. The company said it expects to realize around $150 million from the sale, net of expenses related to the issue. This prices each share at approximately $7.25.
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Source Fool.com
