OLK - Why Is Olink (OLK) Stock Down 17% Today?
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Olink (NASDAQ:OLK) stock is falling on Thursday as investors react to the pricing of a public offering of the proteomics company’s shares.
The offering prices 5,831,028 American Depository Shares (ADS) of OLK stock at $20 each. 4.25 million of the shares are being offered directly by Olink and the other 1,581,028 come from certain selling shareholders. There’s also an option for underwriters to acquire an additional 874,654 shares.
Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM) are acting as the lead book-running managers for the offering. SVB Securities and Canaccord Genuity are serving as joint book-running managers for the offering. The public offering is set to close on Jan. 23, 2023.
What This Means for OLK Stock
With the public offering, Olink is increasing the total amount of outstanding shares on the market. That partially explains why OLK stock is down as it dilutes the stakes of current shareholders in the company.
To go along with that, the offering price of $20 per share is well below the stock’s closing price of $24.05. It makes sense that this would also drop the price of the shares as it lets them be purchased below market value.
Today’s stock movement makes sense as investors typically don’t react well to a public offering. As of this writing, shares of OLK stock are down 17.1%.
There’s more recent stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock market news traders need! For Thursday, that includes what’s moving shares of Ontrak (NASDAQ:OTRK), Nogin (NASDAQ:NOGN), and Amesite (NASDAQ:AMST) stock. You can learn more on these matters at the links below!
More Thursday Stock Market News
- Why Is Ontrak (OTRK) Stock Down 14% Today?
- Why Is Nogin (NOGN) Stock Up 17% Today?
- Why Is Amesite (AMST) Stock Up 46% Today?
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.
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