Shares of medical devices maker Daxor Corp. (NASDAQ:DXR) are tanking at the time of publishing today after it announced an underwritten public offering of its common shares.
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All the shares on offer are being sold by Daxor and it also plans to grant a 45-day option to the underwriter for the acquisition of an additional 15% of the number of shares on offer.
The offer remains subject to certain conditions and Daxor plans to use the funds raised for working capital and other general corporate requirements.
After dropping nearly 6% on May 19, Daxor shares are down a further 18% in the pre-market session today.
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