Why Mainz Biomed (MYNZ) Stock Is Getting Hammered

Mainz Biomed NV MYNZ shares are trading lower by 46% to $1.21 during Monday's session has entered a securities purchase agreement with institutional investors to raise $5 million through a registered direct offering.

The agreement involves the sale of ordinary shares (or pre-funded warrants) and warrants, with an effective purchase price of $1.20 per share.

The offering, managed by Titan Partners Group, a division of American Capital Partners, is set to close around November 15, contingent upon meeting customary closing conditions.

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According to data from Benzinga Pro, MYNZ has a 52-week high of $9.61 and a 52-week low of $1.16.