NEXT - Why NextDecade Stock Tanked as Much as 15% Today
Shares of NextDecade (NASDAQ: NEXT) fell a touch over 15% at one point in morning trading on March 30. The decline was likely driven by the after-the-market news release on March 29 explaining that the would-be liquified natural gas (LNG) exporter and carbon capture company was raising some additional cash.
NextDecade doesn't actually have any operations at the moment. But, as noted, it is looking to build an LNG export facility and a carbon capture project. It is in the very early stages of its development efforts. That's important because it costs a lot of money to build projects like these, and the company has no revenue coming in the door. In order to sustain its business, it has been raising capital by selling convertible preferred stock.
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Why NextDecade Stock Tanked as Much as 15% Today