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Why Hexo Shares Crashed on Friday

TheMotleyFool

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Canadian cannabis producer Hexo (NYSE: HEXO) just announced pricing on its latest share offering, and it wasn't what current shareholders wanted to see. As of 10:40 a.m. EDT Friday, Hexo's stock was down 25%.

The company said it would price its previously announced offering at $2.95 per unit. That price is just 8% below the stock's closing price on Thursday. But there's more to the story, which is why stock is trading below $2.40 per share this morning.

Image source: Getty Images.

Source Fool.com

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