BWV - Blue Water Vaccines shares tumble 29% as stockholders file to offer 2.4M shares

Blue Water Vaccines (BWV) stock tumbled 29% in morning trading Wednesday following news that selling stockholders intend to sell up to 2.43M shares. Shares of the vaccine developer opened at $4.89, recently changing hands at $4.58, up 29%, at approximately 11:15 a.m. ET. BWV has around 11.6M shares outstanding. BWV said in a filing on Wednesday that certain stockholders intend to offer up to 2.43M placement shares, including around 509K shares, 71K shares issuable upon the exercise of certain warrants, 509K placement issuable upon the exercise of certain prefunded warrants, and 1.2M shares with certain prefunded warrants. The company won’t be receiving any proceeds from the sale. Shares of BWV rallied 93% on Tuesday to close at $6.45. BWV 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 around

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Blue Water Vaccines shares tumble 29% as stockholders file to offer 2.4M shares