Bone Biologics stock plummets more than 50% after stock offering prices at deep discount

Shares of Bone Biologics Corp. BBLG plummeted 51.9% toward a record low in premarket trading Thursday, after the developer of regenerative medicine for bones announced the pricing of its relatively large stock offering at a deep discount. The company raised $5 million, as it said overnight that it sold 2.54 million shares, which represented 15.2% of the shares outstanding, at price of $1.97 per share. That price was 49.9% below Wednesday’s closing price of $3.93, which was already a record low. The stock has tumbled 46.5% over the past three months through Wednesday, while the S&P 500 SPX has gained 12.4%.

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