AgriFORCE Growing (NASDAQ:AGRI) stock is falling hard on Tuesday after the agriculture-focused technology company announced an offering for its shares.
According to its filing with the Securities and Exchange Commission (SEC), the company is expecting 432,528,740 shares of AGRI stock to be sold in this offering. It’s worth pointing out that this is a secondary offering from shareholders in AgriFORCE Growing.
That’s worth pointing out as it means AgriFORCE Growing won’t see any proceeds connected to this offering. The company notes the shareholders may choose to sell the shares over time and in private or public transactions.
What This Means for AGRI Stock
News of this stock sale has investors in the company unsettled. That’s because large transactions for AGRI shares could pull down the price of the company’s stock. On top of that, AgriFORCE Growing won’t even see any money from these sales.
This stock offering could also be hurting the morale of AGRI stockholders. The large number of shares being offered may suggest that the investors behind this offering are losing faith in the company’s business. Understandably, this would weigh on the price of AGRI shares.
AGRI stock is down 31.1% as of Tuesday morning, with some 916,000 shares traded. That’s still below its daily average trading volume of about 4.2 million shares.
There are more stock market stories worth reading about today!
We have all of them ready to go with our stock market coverage for Tuesday! That includes everything happening with shares of GreenPower Motor (NASDAQ:GP) stock, Energy Fuels (NYSEMKT:UUUU) stock and Esperion Therapeutics (NASDAQ:ESPR) stock. All of that info is good to go down below!
More Stock Market News for Tuesday
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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.
