Shineco Inc (NASDAQ:SISI) shares are trading lower by 53.6% to $0.98 during Friday's session after the company announced pricing of a $2 million underwritten public offering.
The company earlier said its public offering of 1,869,160 shares of common stock will be at $1.07 per share, totaling approximately $2 million before expenses. The company also granted underwriters a 45-day option to purchase an additional 280,374 shares to cover over-allotments.
The offering is set to close on July 15, pending customary closing conditions. EF Hutton LLC is the sole book-running manager for the offering.
Read Also: June Producer Inflation Exceeds Forecasts, Restrains Investor Euphoria Following Consumer Price Relief
Should I Sell My SISI Stock?
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Shineco have decreased by 65.71% in the past year. An investor who bought shares of Shineco at the beginning of the year would take a loss of $0.24 per share if they sold it today. The stock has fallen 74.12% over the past month, meaning an investor who bought shares on Jun. 1 would see a capital loss of $1.19.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Shineco stock currently has an RSI of 40.41, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
SISI has a 52-week high of $4.90 and a 52-week low of $0.61.