Why Miromatrix Medical Shares Are Getting Obliterated After Hours

Miromatrix Medical Inc MIRO shares are trading lower by 27.53% to $1.79 during Tuesday's after-hours session. The company announced a proposed offering of common stock of an undisclosed size.

Miromatrix Medical says the offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

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The company meanwhile says the net proceeds of the offering are expected to be used for research, development and manufacturing of Miromatrix's product candidates, working capital, capital expenditures and general corporate purposes.

According to data from Benzinga Pro, MIRO has a 52-week high of $5.29 and a 52-week low of $2.02.