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Why MicroVision Stock Slumped on Wednesday

TheMotleyFool

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Why MicroVision Stock Slumped on WednesdayPhoto, wide shot, wide-angle lens, Mental health care service, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7ce3b930-5e2a-4215-b686-0ad0eb0b922a.png

(NASDAQ: MVIS) shareholders continue to see elevated volatility in their portfolios. The computer vision tech specialist's shares were down by 23% as of 10:45 a.m. Wednesday, reversing some of the big gains that investors enjoyed last week. But MicroVision is still up by more than 100% so far in 2023, compared to a 14% rally in the S 500.

Wednesday's drop came after the company announced a new public stock offering in a bid to capitalize on its recent share price rally.

The offering aims to raise as much as $75 million for the business. In part thanks to a short squeeze, shares jumped by nearly 50% last week, so any public offering now is likely to more easily raise cash.

Source Fool.com