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Investing.com -- Volitionrx Ltd (NYSE:VNRX) stock plunged 20% Thursday after the epigenetics company announced plans for an underwritten public offering of common stock and accompanying purchase warrants.
The Nevada-based company said it would use proceeds from the offering for research, product development, clinical studies, commercialization efforts, working capital, and potential strategic acquisitions. Newbridge Securities Corporation is serving as the sole book-running manager for the proposed transaction.
As part of the offering, Volitionrx intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares and warrants at the public offering price, less underwriting discounts and commissions. The company noted that the final terms will depend on market conditions, and there is no guarantee regarding when or if the offering will be completed.
The sharp decline in Volitionrx shares reflects typical market reaction to public offerings, which often lead to share dilution for existing stockholders. The company develops diagnostic tests for cancer and other diseases using its Nucleosomics technology platform.
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