Shares of stainless steel products maker Huadi International (NASDAQ:HUDI) continue to remain volatile.
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After rising from $26 to ~$182.8 last week, shares have now nosedived nearly 89% today to trade at $20 levels.
These stomach-churning moves come amid a slew of developments at the company. The earlier price gains had come after Huadi announced plans to enter the clean energy industry. The company is in talks with the local government in Sichuan to set up a production facility for anode materials.
Subsequently, today, HUDI announced a securities purchase agreement for a direct offering of shares for $25 million. The offer is expected to close by November 9.
Consequently, the offer of one million shares at a purchase price of $25 apiece has brought the stock back to where it was.
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