Why Uranium Energy Stock Just Dropped 15.5%
Shares of nuclear fuel miner Uranium Energy (NYSEMKT: UEC) plunged in Monday morning trading, down 15.5% around 11:30 a.m. EDT. The drop comes after the business announced a secondary share offering that was first announced on Friday will nearly double in size.
Uranium Energy proposed on Friday to raise $8 million in cash from selling a combination of shares and warrants to permit future purchases of shares at set prices, bundled as "units." This morning, the company firmed up the details on that offering -- and enlarged it -- apparently spooking investors out of the stock.
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Source Fool.com
