Why Is BYND Cannasoft Enterprise (BCAN) Stock Down 46% Today?

BYND Cannasoft Enterprise (NASDAQ:BCAN) stock is dropping on Monday after the company announced an underwritten stock offering.

BYND Cannasoft Enterprise announced the underwritten offering after markets closed on Friday. The company has yet to provide firm details about the offering. That includes no information on the price of the offering or how many shares it will include.

Instead, investors will want to keep an eye on BCAN stock as it may announce this information in the coming days. What we do know is that Aegis Capital Corp. is serving as the sole book-running manager for the offering.

In addition to that, BYND Cannasoft Enterprise also said what it plans to do with funds raised from the offering. It plans to use the gross proceeds from the offering for working capital.

BCAN Stock Movement Today

Following news of the stock offering, investors are selling off shares of BCAN stock. As a result, the company’s shares are seeing heavy trading on Monday. That has some 352,000 shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 61,000 shares.

BCAN stock is down 45.8% as of Monday morning. That builds on a 19.9% drop since the start of the year as of Friday’s close.

Investors seeking out even more of the most recent stock market news for Monday are in luck!

We have all of the biggest stock market stories that traders need to know about today! That includes what’s moving shares of Quoin Pharmaceuticals (NASDAQ:QNRX) stock, Argenx (NASDAQ:ARGX) stock, and Acumen Pharmaceuticals (NASDAQ:ABOS) stock today. You can find more on these matters at the links below!

More Stock Market News For Monday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed

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