Xometry Shares Plunge 10% After $225M Stock Offering Priced at $85
XMTR has more than doubled off its 52-week low of $29.6.
Summary
Xometry's stock dropped over 10% in premarket trading after pricing its public offering of 2.65 million Class A shares at $85 each. The offering is expected to raise $225 million in gross proceeds. This follows the company's announcement of the proposed offering yesterday and comes after strong Q1 results and a $50 million equity investment from Siemens earlier in May. The negative market reaction suggests investor concern regarding the dilution from this significant capital raise, despite recent positive operational news. The offering is expected to close tomorrow.
At the time of this announcement, XMTR was trading at $85.29 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $29.60 to $99.86. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.