Why NRx Pharmaceuticals Stock Is Sinking Today
Shares of NRx Pharmaceuticals (NASDAQ: NRXP) were sinking 18.9% as of 11:07 a.m. EDT on Thursday. The decline came after the drugmaker announced a private placement stock offering of more than 2.7 million shares and an equal number of stock options.
The share price for investors in NRx's private placement offering is $11. That's 21% below the closing price for the biotech stock on Wednesday. With this lower share price and the accompanying dilution in the value of existing shares, it's not surprising that NRx stock is falling today.
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Source Fool.com