The technology incubation industry has grown impressively in recent times and Texas-based Astrotech Corporation (NASDAQ: ASTC) is an operator in that industry.
Yesterday, the Astrotech stock slumped by as low as 18% following a key announcement from the company. Considering the losses made by the stock, it might be a good move for investors to take a closer look at the announcement. The company announced that the bought deal offering of its common stock worth $37.3 million has been closed.
In addition to that, it was also announced that the underwriters for the offering exercised their option to pick up additional shares in Astrotech fully. The company managed to sell shares of its common stock at $1.50 each and that is inclusive of the costs incurred for commissions as well as discounts. While the capital raise may have come as a boost for the company, the development was not welcomed by the shareholders and the stock declined sharply.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.