Why Lilium Shares Are Nosediving

Lilium NV LILM shares are trading lower by 17.65% to $1.40 Friday morning after the company announced pricing of an upsized $192 million offering.

The underwritten public offering is for 57,692,308 shares at $1.30 per share. The underwriter, B. Riley Securities, has a 30-day option to purchase up to 8,653,846 additional shares to cover over-allotments.

The net proceeds from the offering will be used for general corporate purposes.

See Also: J.M. Smucker Boosts Dividend By 4%

According to data from Benzinga Pro, LILM has a 52-week high of $3.25 and a 52-week low of $0.37.