Categories Technology, U.S. Markets News

DropCar crashes 30% on offering announcement

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.

drop car stock tumble
Photo by Andre Iv on Unsplash


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.


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