IPOS - Blue Water Vaccine stock continues downward slide in wake of private placement

Blue Water Vaccine (BWV) shares fell 11% Thursday afternoon, the day after it announced it had closed on a private placement priced at-the-market that raised $8M. Shares of the vaccine developer opened at $5.62, hitting a high of $5.87 in mid-morning before sliding to a low of $4.76 in early afternoon. The stock recently changed hands at $5.07, down 11%, at approximately 2 p.m. ET. On Wednesday, Blue Water announced it had closed on a previously announced private placement of 1.18M shares with options to buy up to 1.18 additional shares. The price for one share plus one option was $6.775, with the option exercisable at $6.65 per share. The shares were priced at-the-market under Nasdaq rules. Blue Water shares have been highly volatile since their market debut on Feb. 18, which saw its stock soar nearly 540%. The company offered 2.2M shares priced at $9 per share to raise

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Blue Water Vaccine stock continues downward slide in wake of private placement