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Pagaya (NASDAQ:PGY) Nosedive: TipRanks Read the Tea Cup Right!
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Pagaya (NASDAQ:PGY) Nosedive: TipRanks Read the Tea Cup Right!

After dropping ~43% in the past five days, Pagaya (NASDAQ:PGY) shares are plummeting in the pre-market session today and we at TipRanks had already read the writing on the wall.

Last month, we noted there could be a downside movement owing to a lock-up clause in Pagaya’s merger agreement and the slide has begun just around the date we anticipated – September 18!

Moreover, today, the company has filed for the issuance of ~36.52 million shares, the resale of ~674.43 million shares by certain security holders, as well as a further issuance of ~9.58 million class A shares.

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