Bulletin
Investor Alert

Market Pulse Archives

March 24, 2021, 8:36 a.m. EDT

Second Sight Medical stock tumbles after private placement of stock at 46% discount

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Second Sight Medical Products Inc. (EYES)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Second Sight Medical Products Inc. /zigman2/quotes/204709128/composite EYES -1.42% tumbled 25% to pace all premarket decliners on Wednesday, after the implantable visual prosthetics company announced a large private placement of common stock. The share sale comes after the stock skyrocketed more than 6-fold month to date through Tuesday, after the company's Argus 2s Retinal Prosthesis System was approved by the Food and Drug Administration. The company said earlier Wednesday that it will issue 4.65 million shares, which represents about 20% of the shares outstanding, at a price of $6.00, which is 45.5% below Tuesday's closing price of $11.01, for gross proceeds of $27.9 million. The company expects to use the proceeds for working capital. The stock has soared 488.8% year to date through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 4.1%.

/zigman2/quotes/204709128/composite
US : U.S.: Nasdaq
$ 2.09
-0.03 -1.42%
Volume: 641,005
Nov. 26, 2021 1:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$83.55 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.