Why SunPower Shares Plunged 13% Today

Shares of SunPower (NASDAQ: SPWR) fell as much as 13.6% today as investors jumped ship before a public offering of the stock hits the market. Shares closed 13.1% lower on the day. 

Earlier this week, SunPower announced that it would be selling 22 million shares of stock with the potential for another 3.3 million if underwriters exercise their over-allotment option. The funds will be used for "general corporate purposes," but paying back convertible debt due in 2021 was called out as a use for the cash. 

Image source: SunPower.

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Source Fool.com