Why Cryptocurrency Miner SOS Plummeted More Than 30% Today
Popular cryptocurrency mining company SOS Limited (NYSE: SOS) saw some pretty terrifying turbulence today, closing down 30.8%. Shareholders appear to be issuing an SOS signal with this stock, sending shares toward their 52-week low.
For a stock that was trading at $15.88 at its highs this year, the move below $1.50 brings this crypto miner more than 90% below this peak. Accordingly, investors appear to be pricing in some relatively bearish momentum into this stock today.
Investors in SOS appear to be pricing in a direct offering by the company to private investors. This private placement provides for $90 million in financing it hopes to use to fund its growth.
Source Fool.com
