Home Top Movers Is this what has driven BIONANO GENOMICS, (BNGO) shares down today?

Is this what has driven BIONANO GENOMICS, (BNGO) shares down today?

The biotechnology company BIONANO GENOMICS, INC. (Nasdaq: BNGO) stock plummet today as it was trading down -19.20% to $4.04, as the company announced that it had priced its previously announced public offering of 29,016,393 shares of its common stock at $3.05 per share. In the face of underwriting discounts and commissions and estimated offering expenses, Bionano expects to receive approximately $88.5 million in gross proceeds from the offering.

Additional underwriting rights have been granted by Bionano to the underwriters to purchase up to 4,352,458 shares at the public offering price, less underwriting discounts and commissions, to cover any over allocations. Bionano will sell all of the shares in the proposed offering. The offering will close on January 12, 2021, subject to customary closing conditions.

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The offering is being managed by Oppenheimer & Co. Ladenburg Thalmann & Co. Inc., and Maxim Group LLC act as co-managers, with BTIG, LLC acting as the lead manager.

Summary:

Among its services, Bionano’s Lineagen business provides diagnostic testing for those with autism spectrum disorder (ASD) and other neurodevelopmental disabilities through its Saphyr systems and tools. The news appeared to be out of line with the investors’ expectations, leading to a decline in the company’s shares during today’s regular session.

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