AAXN - Why Axon Enterprise Stock Fell Today
Shares of Axon Enterprise (NASDAQ: AAXN) have fallen today, down by 7% as of 2:15 p.m. EDT, after the company announced a secondary offering on Monday. The Taser and body camera specialist is looking to sell 3 million shares to beef up its balance sheet.
Based on yesterday's closing price of approximately $100, issuing that quantity of new shares could raise around $300 million in fresh capital. The deal has not yet priced, so the amount that Axon is ultimately able to raise remains to be seen. Underwriters will have an option to purchase up to 450,000 shares, depending on investor demand for the offering.
Image source: Axon.