Why Castor Maritime Stock Crashed Today

Shares of Castor Maritime (NASDAQ: CTRM) plunged on Monday after the shipping company announced the pricing of its latest stock offering. As of 2:10 p.m. EDT, its stock price was down 20%.

Castor Maritime will sell roughly 192.3 million shares to institutional investors at a price of $0.65 per share. The offering will raise about $125 million, before transaction-related expenses. The stock sale is expected to close on Wednesday.

Castor Maritime's stock price fell sharply on Monday. Image source: Getty Images.

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Source Fool.com