CCORF - Why Quipt Home Medical Stock Got Rocked Today
2023-04-18 20:47:39 ET
Quipt Home Medical (NYSE:QIPT) had a gloomy day on the stock market Tuesday. Investors weren't pleased to hear news of a fresh share issue, and signaled their displeasure by trading the stock down by nearly 12%. By contrast, the S&P 500 index moved marginally higher on the day.
After market hours Monday, Quipt announced that it is selling in excess of $37 million worth of its common stock.
This will shake out in a pair of issues. The first is a bought deal, meaning that an investor or investors has agreed to purchase the entire amount. This will total just over $35 million, and the buyer is a syndicate of underwriters led by Beacon Securities and Canaccord Genuity (OTC: CCORF) . And the company has granted those underwriters a collective 30-day option to buy an additional 15% of those shares in the offering.
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Why Quipt Home Medical Stock Got Rocked Today