What's Happening With RiceBran Technologies Stock Falling Sharply? - RiceBran Tech (NASDAQ:RIBT)

RiceBran Technologies RIBT shares are trading lower by 17.50% to $1.32 Tuesday morning after the company announced a $1.5 million registered direct offering for $1.50 per share.

What Else?

RiceBran Technologies says the closing of the offering is expected to occur on or about October 20, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from this offering for general corporate purposes, which may include funding capital expenditures and working capital and repaying indebtedness.

See Also: Why Bitcoin- And Ethereum-Related Stock Silvergate Capital Is Getting Hammered

According to data from Benzinga Pro, RiceBran Technologies has a 52-week high of $9.00 and a 52-week low of $1.32.

Image and article originally from www.benzinga.com. Read the original article here.