Kaival Brands Innovations Group Inc (NASDAQ: KAVL) Stock Sees Profits to Higher Level
On Wednesday, KAVL stock fell 12.89% to $ 1.9600 with more than 17.27 million shares, from its average volume of 3.13 million shares. The stock traded in a range of $ 1.8000 to $ 2.1200 after opening trade at $ 2.0400.
While it is true that Kaival Brands Innovations Group Inc (NASDAQ: KAVL) stock lost as much as 13% yesterday due to a case of profit reservation from several of its investors, it is necessary to have a complete picture.
Despite the steep drop in the stock price, it’s important to keep in mind that over the past week, Kaival Brands Innovations Group stock is still up 40%. There has been no news from the company in recent days, but earlier this month the global distributor of products manufactured by Bidi Vapor LLC made an important announcement.
On October 4, Kaival Brands Innovations Group announced that it had successfully completed the public offering subscribed for up to 4,700,000 common shares. In addition to this, the company also offered warrants, which would allow holders to acquire up to 3,525,000 common shares of Kaival Brands.
This was a significant development for the company given the fact that it has managed to raise up to $ 8 million in gross proceeds from the public offering. It remains to be seen whether the stock of Kaival Brands Innovations Group will be able to recover quickly.
Note from traders:
KAVL stock is trading below the 50-day and 200-day moving averages of $ 3.80 and $ 13.21. The stock is down 56% year-to-date.