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Why WiMi Hologram Cloud Stock Was Crashing Today

TheMotleyFool

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Why WiMi Hologram Cloud Stock Was Crashing Today

Shares of WiMi Hologram Cloud (NASDAQ: WIMI) were crashing on Monday morning after the company announced it's offering new shares at $8.18 per American Depository Shares (ADS). The stock opened 27% down, and was down 33% as of 10:45 a.m. EDT.

It appears WiMi Hologram Cloud's time as a stock market darling was short lived. After rising around 600% in early July, the stock has now lost two-thirds of its value since it peaked.