Pop Culture Group shares sink on 5M stock offering

[Stock Market Crash Graph]
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* Pop Culture (NASDAQ:CPOP [https://seekingalpha.com/symbol/CPOP]) shares are in a freefall Friday after the company said [https://seekingalpha.com/pr/20245897-pop-culture-group-co-ltd-announces-pricing-of-registered-direct-offering]it would sell 5M class A shares to institutional investors, diluting the holdings of existing shareholders.
* The shares will be sold at $1.20 per share, representing a discount of 40% to Thursday’s closing price of Pop Culture (NASDAQ:CPOP [https://seekingalpha.com/symbol/CPOP]) stock.
* The transaction will provide the company with gross proceeds of $6M to be used for general corporate purposes.
* The negative reaction wiped out all gains achieved on Thursday when the company announced [https://seekingalpha.com/pr/20244637-pop-culture-group-co-ltd-plans-continued-accumulation-of-1000-btc-enters-trillion-dollar]plans to acquire an additional 1,000 Bitcoin over the course of the next year to fund its $100M Crypto Pop Fund.
* Shares last traded at a loss of more than 53%.

MORE ON POP CULTURE

* Financial information for Pop Culture [https://seekingalpha.com/symbol/CPOP/income-statement]