- The stock price of Code Chain New Continent Ltd (NASDAQ: CCNC) fell by over 30% pre-market today. This is why it happened.
The stock price of Code Chain New Continent Ltd (NASDAQ: CCNC) – a vertically integrated cryptocurrency miner – fell by over 30% pre-market today. Investors are responding negatively to Code Chain New Continent announcing that it intends to offer shares of common stock and warrants to purchase common stock in a proposed underwritten public offering.
Code Chain New Continent intends to use the net proceeds to buy cryptocurrency mining equipment and for working capital and general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
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