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Shares of Summit Wireless Technologies, Inc. (NASDAQ:WISA) pulled a serious head fake on investors.
What Happened: On Thursday morning, the company announced it launched a storefront on Amazon.com, Inc. (NASDAQ:AMZN). Investors took this to be great news and drove the stock up to $7.06.
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By the close, the sellers overpowered the buyers and drove the stock lower. The closing price was $4.60.
What Happened Next: On Thursday night, the company announced it would be issuing 2.5 million shares new shares at $4 each.
When companies announce new share offerings, it’s usually bearish for the stock. This is because the market perceives that if the company’s management thinks it’s a good price to sell at, the shares are either fairly or overvalued.
WISA Price Action: Summit Wireless is trading below the important $4 level at publication time, down 17.6% at $3.79.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.