Shares of KULR Technology Group, Inc. (KULR) plummeted 5% in pre-market trading on Friday, following reports that the company may offer and sell up to $50 million worth of common stock.
This potential share offering, disclosed in a regulatory filing, could lead to dilution of existing shares and weigh on the stock price. When a company issues new shares, it increases the total number of outstanding shares, effectively reducing the ownership stake of current shareholders.
The pre-market plunge came just a day after KULR's stock had soared 40% to an all-time high on Thursday, following the company's announcement that it had purchased $21 million worth of Bitcoin as part of a new "Bitcoin Treasury" strategy.
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