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Shares of Chinese electric-car maker Kandi Technologies (NASDAQ: KNDI) are down 17% as of 2 p.m. EST Friday, after dropping as much as 21% earlier in the day.
Like many other companies in the electric-vehicle (EV) sector, shares of Kandi have been on a tear, gaining more than 80% in the past 30 days prior to today.
Today's drop comes after the company announced it is going to take advantage of the recent share price run to raise some capital. But the shares it will be selling are being priced at $11.30 per share, 22% below Thursday's closing price of $14.41 per share.