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Why SiTime Stock Dropped Today

TheMotleyFool

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Shares of SiTime Corporation (NASDAQ: SITM) tumbled today after the company announced the pricing of its follow-on public offering.

The tech stock plummeted by as much as 13% this morning and was down by 10.9% as of 11:09 a.m. EST.

SiTime said in a press release today that it will sell 3 million shares of its common stock at a price of $127 per share. The company's share price closed yesterday at $140 per share, a difference of more than 9% from the follow-on pricing.

Source Fool.com

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