Why Is AgriFORCE Growing (AGRI) Stock Down 31% Today?

GreenPower Motor stock is falling on Tuesday after the electric vehicle (EV) company announced the pricing of a public offering for its shares.

GreenPower Motor is selling 1.5 million shares of GP stock with each of these shares coming with one warrant. Those warrants can be exercised to acquire another share of the company’s stock.

The units in this public offering are being sold for $1.55 and the warrants have an exercise price of $1.82 per share. The warrants can be exercised immediately and will expire in three years.

Additionally, underwriters have a 45-day option to acquire another 5% of shares in the offering. Maxim Group LLC is the sole book-running manager for the public offering.

GreenPower Motor is expecting gross proceeds of $2.3 million from this offering. It will use this money for EV production, product development and general corporate purposes.

What This Means for GP Stock

A public offering increases the total number of outstanding shares on the market. That means it also dilutes the stakes of current shareholders. That’s one reason why GP stock is down today.

The other has to do with the price of the offering. At $1.55 per share, this is a significant discount from GP’s prior closing price of $1.82 per share. As such, it makes sense the stock would drop as a result of the offering.

GP stock is down 35.7% as of Tuesday morning with more than 141,000 shares traded. The company’s daily average trading volume is about 46,000 shares.

Investors will want to stick around for more of the latest stock market stories.

We have all of the hottest stock market news available on Tuesday! A few examples include why shares of Esperion Therapeutics and ReAlpha Tech stock are up today, as well as the biggest pre-market stock movers this morning. All of that info is good to go at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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Shares of Zeta Global Holdings Corp. rose sharply in today's pre-market trading after the company reported better-than-expected first-quarter financial results and increased its second-quarter revenue guidance.

Zeta Global posted GAAP loss of 23 cents per share, compared to market expectations for a loss of 25 cents per share. The company's quarterly sales came in at $194.947 million topping estimates of $187.112 million, according to data from Benzinga Pro.

Zeta Global shares jumped 15.3% to $15.00 in pre-market trading.

Here are some other stocks moving in pre-market trading.

Gainers

• reAlpha Tech Corp gained 65.8% to $1.42 in pre-market trading after the company announced the completion of its previously announced acquisition of Naamche.
• FibroGen, Inc. gained 27.5% to $1.48 in pre-market trading after the company reported mixed first-quarter financial results.
• TC Biopharm (Holdings) Plc rose 26.8% to $1.84 in today's pre-market trading. TC BioPharm recently the execution of a non-binding letter of intent to acquire a company pursuing the development of innovative CAR-T thera.
• Ambac Financial Group, Inc. shares rose 19.1% to $18.00 in pre-market trading following better-than-expected first-quarter earnings.
• Hims & Hers Health, Inc. shares gained 16.4% to $13.57 in pre-market trading after the company reported better-than-expected first-quarter financial results and issued FY24 revenue guidance above estimates.
• Fundamental Global Inc. jumped 15.3% to $1.51 in pre-market trading after the company announced the acquisition of Strong/MDI Screen Systems by FG Acquisition Corp. at a $30 million valuation.
• T2 Biosystems, Inc. shares gained 11.3% to $4.04 in pre-market trading after the company reported mixed first-quarter financial results and announced the execution of a territory exclusive distribution agreement in Qatar.
• Symbotic Inc. shares rose 11.7% to $46.85 in pre-market trading after the company reported mixed second-quarter financial results.
• UBS Group AG shares gained 7.6% to $29.70 in pre-market trading after the company posted better-than-expected results for its first quarter.

Losers

• AgriFORCE Growing Systems Ltd. fell 34% to $0.0953 in pre-market trading after the company filed for offering of up to 432.5 million shares by selling stockholders.
• GreenPower Motor Company Inc. shares declined 28.6% to $1.30 in pre-market trading after the company reported pricing of $2.3 million underwritten public offering.
• mF International Limited shares fell 20.2% to $0.9575 in pre-market trading after dipping 10% on Monday.
• Strong Global Entertainment, Inc. fell 15.1% to $2.25 pre-market trading. Fundamental Global announced acquisition of Strong/MDI Screen Systems, Inc. by FG Acquisition Corp. at a $30 million valuation.
• Holdco Nuvo Group D.G Ltd fell 13.7% to $4.53 in pre-market trading after jumping 157% on Monday.
• Plutonian Acquisition Corp. shares fell 12.8% to $8.32 in pre-market trading after surging 57% on Monday.
• Trupanion, Inc. shares declined 13% to $20.68 in pre-market trading following first-quarter results.
• AudioCodes Ltd. shares fell 11.3% to $10.10 in pre-market trading after the company reported worse-than-expected first-quarter financial results.
• Helius Medical Technologies, Inc shares declined 9.9% to $2.18 in pre-market trading after the company announced pricing of $6.4 million public offering.
• Palantir Technologies Inc. fell 9.3% to $22.85 pre-market trading following soft revenue guidance.

Now Read This: Disney, Electronic Arts And 3 Stocks To Watch Heading Into Tuesday

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GreenPower Motor shares were down 35% premarket Tuesday after the company overnight priced a $2.3 million public offering of common stock and warrants.

Helius Medical Technologies stock was 15% lower, a day after the company priced a $6.4 million public offering of common shares and warrants.

Teradata shares were down 12% after the company overnight posted lower Q1 adjusted earnings and revenue.

Celsius Holdings stock was down 9% after the company reported Q1 revenue that trailed Capital IQ analysts' estimates.

GreenPower Motor Company Inc said late Monday it priced an underwritten public offering of 1.5 million common shares and warrants to purchase 1.5 million common shares at $1.55 per share and accompanying warrant for total expected gross proceeds of $2.3 million.

The underwriters have been granted a 45-day option to purchase an additional 5% of shares and/or warrants.

The warrants will be exercisable at a rate of $1.82 per share.

Net proceeds will be used for the production of all-electric vehicles, product development, and general corporate purposes, the company said.

Closing of the offering is expected on or about May 9, subject to customary closing conditions.

GreenPower Motor Company Inc. (NASDAQ: GP and TSXV: GPV), amanufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announced overnight the pricing of its previously announced underwritten public offering.

A statement noted the offering consists of 1.5 million common shares and warrants to purchase 1.5 million common shares. Each common share is to be sold together with one warrant at a combined public offering price of US$1.55, for gross proceeds of approximately US$2.3 million before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of approximately US$1.82 per share, are exercisable immediately and will expire three years following the date of issuance. In addition, the company granted the underwriter a 45-day option to purchase up to an additional 5% of the number of common shares and/or warrants offered in the Offering.

GreenPower said it currently intends to use the net proceeds from the offering for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, with the remainder, if any, for general corporate purposes. The offering is expected to close on or about May 9, 2024, subject to the satisfaction of customary closing conditions.