Momentus Inc. (MNTS) shares dropped 17.64 percent, losing $2.88 to $13.42 on Friday after the commercial space company announced a registered direct offering of 1.85 million shares to new and existing institutional investors.
The stock is currently trading at $13.42, compared with its previous close of $16.30 on the Nasdaq. During the session, shares opened at $13.89 and traded between $12.60 and $14.41. Trading volume reached 4.94 million shares, compared with an average daily volume of 5.58 million shares.
The offering is expected to generate approximately $25 million in gross proceeds and is priced at-the-market under Nasdaq rules. The company said it plans to use the proceeds for working capital and general corporate purposes.
Momentus shares have traded between $3.11 and $43.57 over the past 52 weeks.
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