Shares of sustainable recycling solutions provider Aqua Metals (NASDAQ:AQMS) dropped nearly 20% at the time of writing today after the company announced an underwritten public offering.
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All the shares on offer are being sold by Aqua Metals, and it also plans to grant the underwriters a 45-day option to purchase additional common shares as well. The actual size of the offering remained under wraps, and Aqua Metals plans to use the net proceeds from the move for working capital requirements, general corporate purposes, and towards the Phase One development of its recycling facility in McCarran, Nevada.
Separately, Aqua Metals is also slated to post its second-quarter numbers on August 9. The Street expects the company to incur a net loss per share of $0.04 for the period. Impressively, in the year-ago quarter, Aqua had posted a net loss per share of $0.04, outperforming estimates by $0.02.
Today’s price erosion comes after a nearly 103.6% surge in AQMS shares over the past year. Consensus on the Street remains a Moderate Buy alongside a $4 average price target for the stock.
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