Netcapital Stock Slides 20% On Equity Offering Announcement

(RTTNews) - Netcapital Inc. (NCPL) shares plunged 19.53 percent to $6.92 on Thursday after the company announced a registered direct offering of 714,286 shares priced at $7.00 per share.

The deal is expected to close around July 7. Netcapital shares traded between $5.25 and $6.47 today on volume of 3,101,876, compared with an average of 284,968. The stock previously closed at $8.45 and has a 52-week trading range of $1.41 to $11.90.

Additionally, Netcapital will issue unregistered short-term warrants for up to 714,286 shares exercisable at $6.88 per share, expiring two years after the effective date of a registration statement covering the resale of the warrant shares.