VivoPower’s stock plunges toward 4th-straight loss after public share offering prices at deep discount

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Shares of VivoPower International PLC plunged 21.5% in afternoon trading Thursday, putting them on track for a fourth-straight loss, after the electric vehicle, solar and battery technology announced the pricing of the upsized public offering of nearly 3 million shares ate a deep discount. The stock has now plummeted 44.6% since it closed at a record $16.28 on Oct. 9. The U.K.-based company said late Wednesday that its offering of 2,941,176 shares, which represented nearly 22% of the shares outstanding according to FactSet data, priced at $8.50 a share, which was 26% below Wednesday’s closing price of $11.49. The stock had skyrocketed 694% in two months to close Oct. 9 at a record of $16.28. It started selling off after the company said after the Oct. 9 close that it was offering 2,380,952 shares. The stock has still soared 758.7% year to date, while the S&P 500 has gained 7.6%.
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