Genetic Applied sciences inventory tumbles on direct providing pricing (NASDAQ:GENE)

Genetic Applied sciences (NASDAQ:GENE) inventory tumbled 26% in afternoon buying and selling Thursday after the genomics-based take a look at developer introduced a $2M registered direct providing.

Shares of Genetic Applied sciences opened at $3.15. The inventory lately offered at $2.32 at round 1:10 p.m. ET.

The Australian firm introduced noon that it has agreed to promote 1M American Depositary Shares, or ADSs, for $2 per ADS, with every ADS representing 30 strange shares. Genetic Applied sciences additionally plans to personal place unregistered warrants to purchase as much as 1M ADSs with an train worth of $2 per ADS.

The closing is anticipated to happen on or about April 22.