Why Rockley Photonics Stock Dove 22% Today
Rockley Photonics (NYSE: RKLY) shareholders trailed the market by a wide margin on Wednesday as the stock sank 22% by 11:15 a.m. ET. The wider market was up 0.7% by that time. The health monitoring tech specialist reduced its short-term outlook after canceling a planned sale of part of its business.
Rockley announced late on Tuesday that it is not going forward with its planned sale to China-based Jiangsu Hengtong Opti-Electric. The deal would have divested its communication technology while allowing Rockley to focus on its photonic health monitoring devices and solutions. The proposed deal hit a regulatory challenge.
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Source Fool.com