Athersys’ share value plummets after public offering announcement
Chicago, Illinois Cleveland-based Athersys Inc.’s shares lost more than half of their value after the company announced on Wednesday that it would sell shares to the public at a big discount.
Athersys (Nasdaq: ATHX) shares had lost nearly 55% of their value as of Wednesday morning, when the market opened.
Each share was worth 58 cents. By Thursday afternoon, it had increased to 56 cents from earlier in the day.
Athersys announced on Monday evening, after the stock market had closed for the day, that it would sell common stock and warrants in a public offering to raise money for the company’s operations while it looks for licensing and other business development opportunities involving its own technology.