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Why Beam Global Stock Plummeted Today

TheMotleyFool

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Shares of Beam Global (NASDAQ: BEEM) plummeted today, down by 11% as of 3:25 p.m. EST, after the company priced a secondary offering. The deal priced at $30 per share, representing a significant discount compared to yesterday's closing price of $35.19.

Beam, which offers electric vehicle (EV) charging services powered by solar energy, has agreed to sell 250,000 shares at $30 per share, raising gross proceeds of $7.5 million. It's not uncommon for companies to price secondary offerings at a discount to the market in order to incentivize investors to purchase the newly issued shares, which helps the issuer raise fresh capital.

Image source: Getty Images.

Source Fool.com

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