Why Innoviz Stock Is Tumbling Today

Innoviz Technologies Ltd INVZ shares are trading lower Thursday after the company announced a public offering.

What Happened: Innoviz commenced an underwritten public offering of 26 million of its ordinary shares at a public offering price of $2.50 per share. The company granted the underwriters an option to buy up to 3.9 million additional shares at the offering price.

Gross proceeds are expected to total $65 million. Innoviz plans to use any net proceeds for general corporate purposes. The offering is expected to close on Aug. 14. 

Innoviz is focused on LiDAR technology, The company serves as a supplier of the autonomous vehicle technology to automotive manufacturers.

See Also: Origin Materials Stock Is Plunging Thursday: What's Going On?

INVZ Price Action: Innoviz shares are down 20% since the start of the year. 

The stock was down 19.1% at $2.55 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Innoviz.