Cuentas Inc. (NASDAQ:CUEN) Stock Extends Fall: Slump 44% in a Week
Cuentas Inc. (NASDAQ:CUEN) dropped 16% after the company announced that it had received $6.2 million following the exercise of warrants that were issued in February 2021. The exercised warrants were part of the previously announced underwritten public offering that saw the company issue around 2.79 million units at $4.3 per unit.
As a result, the company generated $12 million in gross proceeds before accounting for underwriting discounts, commissions, and offering expenses. The warrants commenced trading on the Nasdaq exchange on February 2, 2021, under the symbol ‘CUENW.’
The company entered an agreement for the rollout of SharedFi in 170 pilot locations across New York City. The pilot will last for six months, and upon its success, it will lead to a collaborative installation in a 50/60 joint venture for additional 1,000 Bodega stores. In addition, Cuentas has a healthy balance sheet thanks to the $12 million capital raise from the underwritten offering. The company used proceeds to repay its debt, and now it is in a strong liquid position, ready to leverage opportunities. So, in the coming days, CUEN is a stock to watch.
Market Reaction:
On Monday, CUEN stock slumped 16% at $4.08 with more than 1.60 million shares, compared to its average volume of 4.40 million shares. The stock had moved within a range of $ 3.9039 – 4.7800 after opening the trade at $4.70. Over the past 52-week, the stock has been trading within a range of $2.0350 – 10.4400.
