Is that why Kubient, Inc. (KBNT) shares saw a decline before the market kick-off

CYTO Stock
CYTO Stock

Kubient, Inc. (NYSE: KBNT), shares moved -15.81 to $5.6 in the pre-market session, a ‎provider of cloud-based software services for digital advertising downwards, announced ‎today the pricing of its underwritten public Offering of 3,921,411 common shares at $5.10 ‎per share. Net proceeds after underwriting discounts and estimated offering expenses ‎payable by the company are estimated to be about $16.3 million.‎

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‎The Offering is being managed by Maxim Group LLC and Joseph Gunnar & Co., LLC.‎

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Kubient will use net proceeds from the Offering for product development, working capital, ‎capital expenditures, repayment of the debt, and other general corporate purposes, such as ‎investments in sales and marketing in the United States and abroad. A portion of the ‎proceeds may also be used to acquire complementary companies, brands, or technologies.‎‎

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‎A 45-day option has also ‎been granted to the underwriters to purchase up to an additional 529,411 shares at the ‎public offering price less discounts and commissions. Under customary closing conditions, ‎the Offering should close on or about December 28, 2020.‎

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