Why Is Azitra (AZTR) Stock Down 70% Today?

Azitra (NYSEMKT:AZTR) stock is falling on Wednesday after the pre-clinical biopharmaceutical company announced details for a public share offering.Azitra is selling 16,667,000 shares of AZTR stock for 30 cents per share. That has the company expecting gross proceeds of $5 million from the stock offering.In addition to that, underwriters have a 45-day option to acquire another 2.5 million shares of AZTR stock at the public offering price. ThinkEquity is the sole book-running manager for the public offering.A ...