Genetic Technologies (NASDAQ:GENE) stock tumbled 26% in afternoon trading Thursday after the genomics-based test developer announced a $2M registered direct offering.
Shares of Genetic Technologies opened at $3.15. The stock recently sold at $2.32 at around 1:10 p.m. ET.
The Australian company announced midday that it has agreed to sell 1M American Depositary Shares, or ADSs, for $2 per ADS, with each ADS representing 30 ordinary shares. Genetic Technologies also plans to private place unregistered warrants to buy up to 1M ADSs with an exercise price of $2 per ADS.
The closing is expected to occur on or about April 22.