Why Fluence Energy (FLNC) Stock Is Nosediving Wednesday

Fluence Energy Inc FLNC shares are trading lower by 13.4% to $22.30 Wednesday afternoon after the company announced a secondary offering of Class A common stock by existing controlling stockholders.

Fluence Energy's controlling stockholders are offering 18 million shares of its Class A common stock in a public offering. This doesn't involve Fluence selling any shares or receiving proceeds.

J.P. Morgan Securities LLC, Barclays Capital Inc. and Morgan Stanley are overseeing the offering, with the flexibility to sell the shares through different markets and methods at prevailing or negotiated prices.

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According to data from Benzinga Pro, FLNC has a 52-week high of $31.32 and a 52-week low of $14.33.