Shares of Cytori Therapeutics Inc. plunged 34% toward a record low in early-morning Tuesday, after the developer of burn treatments priced a stock offering at a deep discount. The pricing comes a day after the stock soared 26% as the company received Food and Drug Administration approval for its burn clinical trial. Earlier Tuesday, the company said it priced an public offering of 8.6 million common shares at $1.10 each, which is 36% below Monday’s closing price of $1.72, and be below its previous record closing price of $1.36 hit on Dec. 28, 2016. With 23.6 million shares outstanding through Monday, according to FactSet, the offering would increase the shares outstanding by 36.5%. The company expects gross proceeds of $9.5 million from the offering, which it plans to use for working capital. The stock has tumbled 25% year to date, while the S&P 500 has gained 5%.
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