RiceBran Technologies (RIBT) went down by a further 5.21% in the after-hours, while it had already lost 2.08% in regular trading on December 03. Intraday trading, the stock fluctuated between $0.3665 and $0.4040 to close at $0.3956. After going down by $0.0084 at the below-average volume of 532.43K shares, the stock reached $0.3750 in the aftermarket. No recent news from the company is responsible for the stock’s continued decline. It seems that stock sentiment is not in favor of RIBT, as it continues to fall.
Currently, the specialty ingredient company, RiceBran Technologies (RIBT) has a market capitalization of $20.17 million. Further, the company has 50.97 million outstanding shares in the market.
RIBT’s Movement
On December 03, RIBT stock reached a low of $0.3665 during regular trading, marking its new 52-week low. The stock has lost over 10% in the last five days alone. While RIBT went down by 28.59% in the past month, it has lost 35.15% year to date. Moreover, in the past three months, the stock has lost the most i.e. 52.34%.
The stock has been trading at less than $1.00 since the beginning of August, before which it reached a high of $1.83.
Recent Developments
Recently, the company participated in The Benchmark Company’s Discovery conference. Previously, the company had also announced a registered direct offering.
Participation in the Conference
On November 24, RiceBran Technologies (RIBT) announced its participation in The Benchmark Company’s Discovery One-on-One virtual video investor conference. The company’s Chief Financial Officer, Todd Mitchell participated in the conference which was held on December 02, 2021.
RIBT’s Direct Offering
RIBT announced a registered direct offering on September 09, 2021. According to the report, the company went under agreement with an institutional investor for the purchase of 2,307,500 shares of common stock at a price of $0.65 per share. Further, the investor will also purchase five-year exercisable warrants for the purchase of 2,307,885 shares of common stock at the same per share exercise price, with $0.6499 per share prefunded. Moreover, warrants to purchase 2,307,693 shares with an exercise price of $1.00 would also be purchased.
The expected closing date of the offering is September 13, 2021. The offering is expected to generate gross proceeds of $3.0 million approximately after its closure.
RIBT’s Financial Highlights
On October 27, RIBT announced its third-quarter financial results for 2021. As per the quarter, the company’s revenue grew by 34% YOY to $6.9 million, compared to $5.1 million in the year-ago period. Further, the quarter ended with a net loss of $2.2 million as compared to $2.7 million in Q2 of 2020.
