Why Hempacco Stock Is Down Over 60% Friday

Hempacco Co Inc HPCO shares are trading lower by 63.64% to $1.60 Friday morning after the company announced pricing of an upsized $6.3 million public offering.

What Else?

Per the offering, 4,200,000 shares of Hempacco's common stock are being sold to the public at a price of $1.50 per share.

In addition, Hempacco has granted the underwriters a 45-day option to purchase up to an additional 630,000 shares to cover over-allotments, if any.

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Hempacco says the company intends to use the net proceeds of the offering for sales and marketing, potential acquisitions, upgrades to its existing manufacturing facility, working capital and other general corporate purposes.

According to data from Benzinga Pro, HPCO has a 52-week high of $41.80 and a 52-week low of $0.74.

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