RealNetworks Stock Falls On Raising $22.3M Via Secondary Equity Offering At 21% Discount

RealNetworks Inc (NASDAQ: RNWK) has priced 8.25 million shares at $2.7 per share to raise $22.3 million in a secondary public offering.
The offer price signifies a 20.8% discount to the Monday closing price of $3.41.
The underwriter has a 30-day option to purchase additional shares up to 1.2 million.
RealNetworks will utilize the offering proceeds for working capital and general corporate purposes.
Lake Street Capital Markets is the sole book-running manager for the offering.
RealNetworks held $23.9 million in cash and equivalents as of Dec. 31, 2020.
Price action: RNWK shares traded lower by 19.4% at $2.75 in the premarket session on the last check Tuesday.