Perfect Moment (PMNT) stock fell hard on Friday after the ski, surf, and activewear fashion brand company announced the pricing of a public offering for its shares. The company will sell 10 million shares of PMNT stock priced at 30 cents per share for gross proceeds of $3 million. There’s also a 45-day option for underwriters to acquire another 1.5 million shares of the stock at the public offering price.
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Perfect Moment intends to use the funds from the public offering for repayment of debt, working capital, and general corporate purposes. Investors will also note that ThinkEquity is the sole book-running manager for the offering.
Shares of PMNT stock are likely down today as investors react to the public offering. The 30 cents per share price is well below its prior closing price of 42 cents. Additionally, new shares dilute the stakes of current investors, which also helps explain why the stock is down today.
PMNT Stock Movement Today
Shares of PMNT stock were down 33.37% in pre-market trading on Friday, following a 9.79% drop yesterday. The stock has also decreased 57.6% year-to-date and 80.28% over the past 12 months. Investors have also seen over 240,000 shares change hands today, compared to a three-month daily average of about 27,000 units.
Is PMNT Stock a Buy, Sell, or Hold?
Wall Street’s coverage of Perfect Moment stock is thin, but Spark, TipRanks’ AI analyst, has it covered. Spark rates PMNT stock a Neutral (43) with no price target. It cites “poor financial performance, with high leverage and ongoing losses” as reasons for the rating.
