Chicken Soup for the Soul stock falls toward record low after offering prices at 28% discount

Shares of Chicken Soup for the Soul Entertainment Inc.
CSSE,
-37.50%
plunged 30.3% toward a record low in premarket trading Friday, after the Redbox, Crackle, and Chicken Soup for the Soul streaming services operator’s public stock offering price priced at a deep discount. The company said the public offering, which was announced late Thursday, was for 4.69 million shares that priced at $2.30, and for expected gross proceeds of $10.8 million. The pricing was 28.1% below Thursday’s closing price of $3.20. The company also reported a wider-than-expected fourth-quarter loss while revenue topped forecasts. The stock’s record low close was $2.50 on March 22. It had already tumbled 37.5% year to date through Thursday, while the S&P 500
SPX,
+1.44%
has gained 5.5%.