Vicarious Surgical (NYSE:RBOT) stock is falling on Thursday after the surgical robot company revealed details of a public offering.
That public offering has Vicarious Surgical selling 45 million shares of RBOT stock at a price of $1 per share. Vicarious Surgical is expecting gross proceeds of $45 million from this stock offering. The company doesn’t say what it will do with these funds.
There’s also an option for underwriters to acquire another 6.75 million shares within 30 days of the offering at that price. Morgan Stanley & Co. LLC and Cowen and Company, LLC are serving as joint book-running managers for the RBOT stock offering.
What This Means For RBOT Stock
A public stock offering means the total number of shares of RBOT stock is increasing. At that same time, this dilutes the stakes of investors currently holding the company’s shares. That helps explain why the stock is down today.
Adding to that is the offering price of $1 per share. That’s below the prior closing price of $1.65 per share for RBOT stock. This is also likely one of the reasons that shares of the company’s stock are falling today.
With this news comes heavy trading of RBOT stock. As of this writing, more than 1.8 million shares have changed hands. That’s already well above its daily average trading volume of about 279,000 shares.
RBOT stock is down 41.2% as of Thursday morning.
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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.
