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BioNano Genomics Inc (NASDAQ:BNGO) shares are trading sharply lower in Tuesday’s session after the company announced the pricing of a $10 million public offering.
What To Know: The company announced it is offering 5 million shares of its common stock (or equivalents) and accompanying Series Warrants at a combined price of $2.00 per share. The offering includes Series E and short-term Series F warrants, which will be immediately exercisable upon issuance.
Bionano expects to receive aggregate gross proceeds of approximately $10 million from the offering, which is anticipated to close around September 17. The company stated the net proceeds will be used for working capital and general corporate purposes. The potential for share dilution often causes a stock to trade lower following such an announcement.
Benzinga Edge Rankings: According to data from Benzinga Edge, the stock also has a low Growth score of 16.40.
Price Action: According to data from Benzinga Pro, BNGO shares are trading lower by 38.45% to $1.705 Tuesday afternoon. The stock has a 52-week high of $30.52 and a 52-week low of $1.50.
Read Also: Oscar Health Stock Is Tumbling Tuesday: What’s Going On?
By now you're likely curious about how to participate in the market for Bionano Genomics – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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Posted In: BNGO
