Why Orbital Energy Group Shares Plunged Today
Shares of energy stock Orbital Energy Group (NASDAQ: OEG) fell as much as 19.1% in trading on Wednesday after the company announced a share offering. Shares, which have held fairly steady all day, are down 18.5% at 2 p.m. EDT.
The biggest news is that Orbital Energy agreed to sell 10.4 million shares of stock to institutional investors for $3.65 per share. That's still below where shares are trading today, providing new investors with a big discount on the stock.
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Source Fool.com
