Why Dogness Stock Is Falling Sharply Today

Dogness (International) Corp DOGZ shares trading significantly lower Thursday after the company announced a direct share offering.

Dogness announced that it entered into a securities purchase agreement with certain institutional investors for a registered direct offering of approximately $3.96 million of common shares at $1.82 per share.

The pet products company said that it plans to use the net proceeds from the offering for general working capital purposes. The offering is expected to be completed sometime around July 19.

On July 13, the company announced that its products became available for purchase on The Home Depot Inc's HD website. 

Price Action: Dogness has traded as high as $4.85 and as low as $1.03 over a 52-week period. 

At last check Thursday, the stock was down 25.17% at $1.76.