Cellectar Shares Plunge Following Capital Raise Announcement

Cellectar Biosciences shares are experiencing significant downward pressure in the wake of a recently completed financing arrangement. Despite successfully securing $5.8 million through convertible debt instruments, market participants responded negatively, driving the stock price down more than 17%. This sell-off reflects investor concerns about potential dilution of existing shareholdings.

The conversion of existing notes covering 1.05 million shares at $5.25 per share was intended to bolster the company’s financial position. Instead, the transaction triggered substantial selling activity. During premarket trading, the equity declined 12.47% to $5.40. The negative sentiment became even more pronounced on October 7, when shares dropped 16.86% amid elevated trading volume—a pattern that often signals further potential declines.

In exchange for their immediate cash investment, participants received new unregistered Series I and... Read more...