Why Is UMAC Stock Down 9% In Today’s Pre-Market?

Unusual Machines Inc. (UMAC) on Friday announced the pricing of its public offering to raise $150 million, which includes a strategic investment from Ondas Inc. (ONDS).

Unusual Machines stated that it will issue 8.8 million shares at $17 apiece, a discount of more than 9% to the stock’s closing price on Thursday.

Unusual Machines shares were down more than 9% in Friday’s pre-market trade. Retail sentiment on Stocktwits about the company trended in ‘bearish’ territory, while message volume was at ‘high’ levels at the time of writing.

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