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

Group 1 - Azitra is conducting a public share offering of 16,667,000 shares at a price of 30 cents per share, expecting gross proceeds of $5 million [1] - Underwriters have a 45-day option to acquire an additional 2.5 million shares at the public offering price, with ThinkEquity as the sole book-running manager [1] - The funds raised will be allocated for clinical trials, product development, research and development, clinical manufacturing, working capital, and other general corporate purposes [1] Group 2 - The public stock offering increases the total number of AZTR shares available, leading to dilution of current shareholders' stakes, contributing to the stock's decline [2] - The offering price represents a significant discount compared to the previous closing price of 87 cents, further impacting the stock negatively [2] - AZTR stock has experienced heavy trading, with over 1.5 million shares changing hands, significantly above the daily average of about 39,000 shares [2] - As of Wednesday morning, AZTR stock is down 69.5% [2]