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Here is why Nuwellis Inc. (NUWE) stock plunged on Tuesday?

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Nuwellis Inc. (NUWE) shares declined 22.49% in after-hours on Tuesday, September 14, 2021, and closed the daily trading at $2.86. Even in the regular trading session, NUWE’s stock lost 8.21%. NUWE shares have fallen 60.58% over the last 12 months, and they have moved down 9.56% in the past week. Over the past three months, the stock has lost 17.63%, while over the past six months, it has declined 49.86%.

NUWE proposed a public offering of common stock

On September 14, 2021, Nuwellis, Inc (NUWE) announced its intention to offer shares of its common stock in an underwritten public offering. All of the shares of common stock to be sold in the offering will be offered by the Company. The Company intends to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering.

NUWE inducement grant

On September 14, 2021, the independent directors of Nuwellis, Inc (NUWE) approved an equity award under Nuwellis’ 2021 Inducement Plan, as a material inducement to an individual entering into employment with the company.

The new employee received an option to purchase an aggregate of 5,965 shares of the company’s common stock. The option award has an exercise price of $4.02 per share, the closing price of Nuwellis’ common stock on September 13, 2021.

On August 18, 2021, the company also approved equity awards for four individuals entering into employment with the company. The four individuals received options to purchase an aggregate of 42,345 shares of the company’s common stock. The option awards have an exercise price of $4.57 per share.

NUWE participation in the recent investor conference

Nuwellis, Inc (NUWE) recently participated at Lake Street Capital Markets 5th Annual Best Ideas Growth Conference which was held on Tuesday, September 14, 2021, at 11:00 AM Eastern Time.

The company also participated at H.C. Wainwright 23rd Annual Global Investment Conferencewhich was held on September 13, 2021.

NUWE recent financial results announcement

On August 10, 2021, Nuwellis, Inc. (NUWE) released its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • NUWE reported total revenue of 2.5 million in Q2 2021 compared to $1.9 million in Q2 2020.
  • In Q2 2021, the gross margin was 60.2% compared to 64.4% in Q2 2020.
  • Total operating expenses were $6.24 million in Q2 2021 compared to $5.12 million in Q2 2020.
  • It suffered a net loss of $4.7 million in Q2 2021 compared to a net loss of $3.9 million in the prior-year period.
  • As of June 30, 2021, the company had cash and cash equivalents of approximately $24.0 million with no debt.

Conclusion

The recent proposed public offering was the main reason behind its poor performance on Tuesday. Let’s see how it performs in the coming trading sessions on Wednesday.

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