WonderFi Technologies (OTCMKTS:WONDF) Stock Suddenly Drops 135: Here’s Why

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A number of stocks lagged on Thursday and one of them was WonderFi Technologies (OTCMKTS:WONDF) stock. WonderFi stock ended the day down up to 13% due to the massive sell-off.

Commercial data

On Thursday, WONDF stock fell 13% to $1.94 with more than 420,000 shares traded, compared to its average volume of 190,000 shares. The stock moved in a range of $1.9026 to $2.3001 after opening trading at $2.25.

WonderFi Increases Previously Announced Bought Deal Public Offering to $45 Million

However, investors should note that on Thursday the company also made a key announcement and this is something investors could look into. The company announced that it has decided to increase the size of its financing round which will be led by CanaccordGenuity and a consortium of other underwriters.

WonderFi announced that Canaccord and the group of underwriters have entered into an agreement under which it will purchase up to 18.75 million units for $2.40 each on a bought deal basis. The company said it was looking to raise approximately C$45 million through the funding round. Although the company’s announcement was significant, it was not enthusiastically received by investors and there was a sell-off. It now remains to be seen if there is a rebound in WonderFi stock today.

technical data

WONDF stock is above the 20-day and 50-day moving averages of $1.88 and $1.88 respectively. Additionally, the stock is trading above the 20-day moving average of $1.67.

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