Marpai plunges on deep-discounted stock offering

Marpai

17/04/2023 13:49

** Shares of software firm Marpai Inc  MRAI.O  down 39% at
$1.14 premarket after co prices equity offering
    ** Co, which uses artificial intelligence for employer
health plans, announces 7.4 mln shares at $1, ~47% discount to
stock's Fri close
    ** Co to use net offering proceeds to repay debt relating to
acquisition of Maestro Health (in amount equal to not less than
35% of the funds raised)
    ** MRAI on Fri rose ~15% after closing up 90% on Thurs in
heavy volume
    ** Co has ~21.4 mln shares outstanding and ~10.6 mln shares
of free float, per Refinitiv
    ** Last month, co reported Q4 loss of 41 cents/sh on net rev
of ~$7.6 mln
    ** MRAI up 160% YTD through Fri close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))