Shares of DropCar (DCAR), which offers an automated platform for pick-up and delivery of vehicles for maintenance and service, saw its stock slide over 30% on Wednesday. The sell-off was spurred by investors who panicked after the company said in an SEC filing that it would issue and sell 478,469 shares of its common stock, par value $0.0001 per share, at an offering price of $4.18 per share for gross proceeds of about $2 million.
DCAR stock has more-than-tripled so far this year. This comes as a slight respite after the stock lost 65% of its value in trailing 52 weeks.
The New York City-based firm grew its top line by 405% last year, but many investors are reluctant to bet on this stock that been seeing mounting losses. Meanwhile, bullish investors expect the company to rebound once ride-hailing service Lyft goes public next month.
Earlier this month, CEO Spencer Richardson had announced that the company was exploring strategic alternatives, including a potential sale to maximize shareholder value. A stock sale is also likely to lift DropCar’s stock in the coming months.
On March 8, the company launched a 1:6 reverse stock split after its share price fell below $1, to regain Nasdaq compliance.
Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first
The steel industry managed to shrug off the pandemic blues earlier than expected as the recovery in industrial activity pushed up demand. With the vaccination drive and the government’s aggressive
Campbell Soup Company (NYSE: CPB) reported third-quarter 2021 earnings results today. Net sales decreased 11% year-over-year to $1.98 billion, as a result of lapping the demand surge at the onset