Why QuantumScape (QS) Stock Is Getting Hammered

QuantumScape Corp QS shares are trading lower by 11.3% to $7.81 Friday morning after the company announced pricing of a $300 million public offering of Class A common stock.

The underwriters have a 30-day option to purchase up to an additional 5.6 million shares at the offering price. The public offering is set to close on August 8, subject to customary conditions.

Joint lead book-running managers for the offering were Evercore ISI and Morgan Stanley, with Goldman Sachs & Co. LLC and UBS Investment Bank acting as additional book-running managers.

According to data from Benzinga Pro, QuantumScape has a 52-week high of $13.86 and a 52-week low of $5.11.