Vicarious Surgical shares plunged more than 40% on Thursday after the robotics technology company announced a public offering of its shares at a steep discount to its share price at the time.
The company said it was offering 45 million shares at a price of $1, far below its then-share price of about $1.65. Since the announcement, its stock price has fallen by 42.1% to US$0.95 late morning Thursday.
Vicarious Surgical expects to receive total gross proceeds of about $45 million from the offering, which is set to close on or about Monday, August 7.
Morgan Stanley (NYSE:MS) and Cowen and Company are acting as joint book-running managers for the offering.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie