Meme Stocks Add to Share Sale Blitz After Retail-Led Rallies
(Bloomberg) -- More companies are capitalizing on retail-fueled rallies in their stock prices by issuing shares at the newly elevated price levels.
Veterinary biotech firm Zomedica Corp. slumped as much as 18% on Tuesday after selling more than 13 million shares postmarket on Monday. The offering followed a 1,071% surge in the stock since the start of the year, alongside other small-cap stocks promoted on social media.
Zomedica’s deal came a day after another retail favorite, Ocugen Inc., conducted a similar share sale. Others that tapped equity investors after rallies this year include American Airlines Group Inc, AMC Entertainment Holdings Inc. and pot stock Sundial Growers Inc.
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