Shares of Second Sight Medical Products Inc. EYES, -21.62% tumbled 25% to pace all premarket decliners on Wednesday, after the implantable visual prosthetics company announced a large private placement of common stock. The share sale comes after the stock skyrocketed more than 6-fold month to date through Tuesday, after the company’s Argus 2s Retinal Prosthesis System was approved by the Food and Drug Administration. The company said earlier Wednesday that it will issue 4.65 million shares, which represents about 20% of the shares outstanding, at a price of $6.00, which is 45.5% below Tuesday’s closing price of $11.01, for gross proceeds of $27.9 million. The company expects to use the proceeds for working capital. The stock has soared 488.8% year to date through Tuesday, while the S&P 500 SPX, +0.36% has gained 4.1%.
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