Daxor Corp.’s stock DXR tumbled 22% premarket Monday, after the company announced plans to issue stock. The company, which is registered as a closed-end investment company to raise the funds for its medical device and biotech operations, announced the plan in a filing with the Securities and Exchange Commission on Friday, without disclosing the exact number of shares to be issued. The company said it has engaged Maxim Group as sole underwriter on the deal. Proceeds will be used for working capital and other general corporate purposes, which may include product development, funding capex, making acquisitions, investing in technology or repaying debt. The stock has gained 33.6% in the year through Friday’s close, while the S&P 500 SPX has gained 9%.
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