PureCycle Technologies Inc.
(NASDAQ:PCT) shares are under pressure Thursday after the company priced concurrent public offerings totaling $395 million — a capital raise that came on the heels of a parabolic run that saw the stock more than double in three months.
PureCycle stock is feeling bearish pressure.
Why is PCT stock dropping?
The Offerings PureCycle priced $250 million in 4.75% convertible senior notes due 2032 and 17,661,388 shares of common stock at $8.21 per share, for aggregate gross proceeds of $395 million.
