Why Top Financial Group Stock Dived Suddenly Today
One trading day after its price zoomed 20% higher, Top Financial Group (NASDAQ: TOP) stock abruptly reversed course. On Monday's abbreviated session, it closed more than 14% lower. The lurch was due to a new fundraising effort announced by the company.
In a regulatory document filed that day, Top Financial revealed it aims to float up to $300 million worth of financial securities. These will take the form of ordinary (read: common) shares, warrants, and debt instruments, among other types of securities.
The company added that it might utilize one or several of these types, and offerings will be made from time to time at prices that have yet to be determined.
Source Fool.com
