Quanergy Systems' stock dives 70% amid cash crunch, new stock sale - Silicon Valley Business Journal

October was a rough month for Quanergy Systems Inc.

Even if it sells all the shares it hopes to in its stock offering, which is slated for Wednesday,"we will have less than three months of operating expenses on hand," it told potential investors."We will require additional capital to meet our financial obligations and support planned business growth, and this capital might not be available on acceptable terms or at all."Quanergy's stock closed trading Tuesday at less than 99 cents a share.

The company's shares plunged 68% on Monday alone and fell another 6% Tuesday. The moves came after its shares more then doubled Friday to $3.30 a piece. Even so, its stock is still down 24% from its Thursday closing price of $1.30 each.Quanergyit planned to raise $16.7 million by selling 9.8 million units — a combination of shares and warrants to buy additional stock — for $1.70 each. That price is little more than half of the company's closing price on Friday of $3.30 a piece.

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Silicon Valley Business Journal seeks nominations for Power 100 list - Silicon Valley Business JournalEarly next year, the Journal will be unveiling the Power 100, a list of Silicon Valley's 100 most important and influential people. We need your help finding them.
Herkunft: svbizjournal - 🏆 334. / 59 Weiterlesen »

John Deere-owned Blue River pays $85M for Silicon Valley office building - Silicon Valley Business JournalThe building, which is positioned between two of Silicon Valley's biggest office campuses, was bought by Blue River Technology Inc., a part of farm equipment giant Deere & Co.
Herkunft: svbizjournal - 🏆 334. / 59 Weiterlesen »