Shares of technology-driven health plan services provider Marpai (NASDAQ:MRAI) are tanking in the pre-market session today after the company announced an underwritten public offering.
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The offer is for 7.4 million Marpai shares at a price of $1 per share. The company plans to use the net proceeds from the offering for paring down debt associated with its acquisition of Maestro Health as well as for general corporate purposes.
The public offer is anticipated to close on April 19 subject to closing conditions. Additionally, Marpai is also slated to announce first-quarter numbers on May 10. Analysts expect the company to incur a net loss per share of $0.42 for the period on revenue of $9.2 million.
Today’s price erosion comes after a stellar 139.7% rise in Marpai shares so far in 2023.
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