Corvex Posts $26.3M First-Half Loss, Shares Slide 7.5% After Hours
MOVE has more than doubled off its 52-week low of $3.439.
Summary
Corvex reported a first-half net loss of $26.3 million, or $0.94 per share, on revenue of $4.3 million, triggering a 7.5% after-hours decline to $13.63. The results reflect the combined company following the merger of Corvex Legacy Holdings and Movano, and compare with a Q1 loss of $5 million on just $510,000 in revenue. The loss is substantial relative to the company's $407 million market cap and follows a $33 million PIPE at $7.75 per share and a $500 million shelf registration filed earlier this week. The stock remains up 141% year-to-date despite the drop, but the widening losses and heavy dilution overhang are likely to pressure the shares.
At the time of this announcement, MOVE was trading at $13.63 on NASDAQ in the Technology sector, with a market capitalization of approximately $407.5M. The 52-week trading range was $3.44 to $26.72. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.