Why Nuwellis (NUWE) Stock Is Nosediving

Nuwellis Inc NUWE shares are trading lower by 12.4% to $0.88 during Friday's session after the company announced the pricing of a $2.25 million public offering of Series J Convertible Redeemable Preferred Stock and Warrants.

The gross proceeds to Nuwellis from the offering, before underwriting discounts and commissions and offering expenses, are expected to be approximately $2.25 million.

Nuwellis intends to use the net proceeds from the offering for working capital and for general corporate purposes.

According to data from Benzinga Pro, NUWE has a 52-week high of $36.00 and a 52-week low of $0.74.