Why RxSight Shares Are Plummeting

RxSight Inc RXST shares are trading lower by 9.22% to $12.50 Wednesday morning after the company announced pricing of a public offering of common stock.

What Else?

RxSight says the company expects to sell 4,000,000 shares of its common stock at a price to the public of $12.50 per share. RxSight has also granted the underwriter a 30-day option to purchase up to an additional 600,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.

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The offering is expected to close on or about February 10. RxSight meanwhile intends to use the net proceeds from the offering for continued commercial and marketing expansion, funding of product development, research and clinical development, and for working capital and general corporate purposes.

According to data from Benzinga Pro, RXST has a 52-week high of $16.99 and a 52-week low of $9.78.