Why MICT Stock Tanked Today

Shares of MICT (NASDAQ: MICT), a small-cap company that provides a proprietary trading technology platform for the online brokerage, wealth management, and insurance industries, is seeing its stock tumble 18.8% as of 11:45 a.m. EST. This morning, MICT announced that it will create and sell 19.3 million shares of common stock, with 19.3 million warrants to purchase shares attached, for $2.80 apiece. MICT noted that the share offering should raise $54 million in cash for the company immediately.