In recent times, the Legion Capital Corporation (OTCMKTS:LGCP) stock has gone through a considerably tough time and that has been reflected in the price action as well. The stock has suffered from a prolonged selloff in recent weeks and over the past week alone it has declined by 21%.
Trading Data
On Tuesday, LGCP stock ended flat at $0.30 with more than 8 shares traded, compared to its average volume of 1.3k shares. The stock has moved within a range of $0.3000 – 0.3000 after opening trading at $0.30.
Announces Securities Offering Sellout and Expansion to $75 Million
In addition to that, it should be noted that the decline also took the losses recorded by the stock to as much as 40% over the course of the past month. In light of such decline, investors ought to take a look at the announcement from the fintech powered private equity company.
On Tuesday, Legion Capital Corporation announced that its Reg A+ offering had requalified by way of which it is going to be able to incorporate as much as $75 million in the form of maximum capital that could be raised. The re-qualification of the offering had been approved by the United States Securities and Exchange Commission back on January 7, 2022.
However, the news did not lead to any particular response from the investors and the stock continued to remain in a downward spiral. It may be interesting to see if the stock can manage to make a rebound.
Key Quote
“The independent broker dealer community has enthusiastically embraced Legion’s business model and investment offerings,” stated Jason Plucinak, Vice President of Corporate Finance, who leads BD & RIA distribution for the firm. “As a result, we have now sold out our original $40 million offering and are increasing that offering to $75 million, to meet both ongoing demand for our offerings as well as our plans to continue the growth of our lending business and footprint.”
Technical Data
LGCP stock is trading above the 20-Day and 50-Day Moving averages of $0.3820 and $0.4850 respectively. However, the stock is trading below the 20-Day moving average of $0.8475.
