Friday, February 23, 2024
Stock Market

Why Is Akoustis Technologies (AKTS) Stock Down 33% Today?

Akoustis Technologies (NASDAQ:AKTS) stock is falling on Thursday after the radio frequency and wireless devices company announced a proposed public share offering.

According to a press release from Akoustis Technologies, the company intends to sell shares of AKTS stock through an underwritten public offering. However, it hasn’t priced the offering or said how many shares will be included in it.

What we do know is that it intends to grant the underwriter of the offering a 30-day option to acquire additional shares. Roth Capital Partners is serving as the sole manager for the AKTS stock offering.

What This Means for AKTS Stock

A public offering means that Akoustis Technologies intends to increase the total number of its outstanding shares. Doing so also dilutes the stakes of current investors in the company. This is one reason why the stock is falling today.

In addition to that, public offerings are also typically priced below the stock’s current value. While the price of AKTS stock in the offering hasn’t been revealed yet, this will likely be the case. That’s another reason that traders are seeing the stock slide lower today.

AKTS stock is down 33.3% as of Thursday morning with some 163,000 shares traded. Its daily average trading volume is about 678,000 shares.

Investors who want to know more about the hottest stock market stories will want to keep reading!

We have all of the latest stock market news traders need to know about on Thursday! A few examples include what’s going on with shares of Charge Enterprises (NASDAQ:CRGE) and C3is (NASDAQ:CISS) stock as well as the biggest pre-market stock movers for Thursday. You can read up on all of this at the links below!

More Thursday Stock Market News

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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