India, July 3 -- Netcapital Inc. (NCPL) shares plunged 19.53 percent to $6.92 on Thursday after the company announced a registered direct offering of 714,286 shares priced at $7.00 per share.
The deal is expected to close around July 7. Netcapital shares traded between $5.25 and $6.47 today on volume of 3,101,876, compared with an average of 284,968. The stock previously closed at $8.45 and has a 52-week trading range of $1.41 to $11.90.
Additionally, Netcapital will issue unregistered short-term warrants for up to 714,286 shares exercisable at $6.88 per share, expiring two years after the effective date of a registration statement covering the resale of the warrant shares.
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