Stock Track | SoFi Technologies Plummets 8.63% in Pre-Market on $1.5 Billion Stock Offering Announcement

Stock Track12-05 22:41

SoFi Technologies Inc. (SOFI) saw its stock plummet 8.63% in pre-market trading following the announcement of a $1.5 billion underwritten public offering of its common stock. The offering, which includes an option for underwriters to purchase an additional 15% of shares, is expected to dilute existing shareholders.

The company plans to use the proceeds for general corporate purposes, including enhancing its capital position and funding growth opportunities. Investors reacted negatively to the news, as the offering is priced at a discount to the current market price, raising concerns about dilution and the immediate impact on shareholder value.

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