A share offering Wednesday sent Applied DNA Sciences Inc. APDN stock back down, giving back a huge one-day gain that followed news of a breakthrough in its leather tracking technology.
Applied DNA shares fell 75% after the 2.285-million-share offering was priced at $5.25, after the stock had run up more than 300% to close at $19 Tuesday.
The surge followed news that the company had successfully used "DNA tagging" embedded in leather products for tracking the material as it moves through the supply chain. The technology is seen as an anti-fraud measure, but can help the industry track leather goods for a number of uses.
Applied DNA dropped immediately Wednesday morning to below $5 a share before easing back up slightly.
The shares were trading down 73.53% to $5.05 at the time of publication.
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Applied DNA Stock Surges On DNA Leather Tagging News; Offering Expected Wednesday
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