AAOI is trading 7.2% down at $189.00 after Applied Optoelectronics unveiled plans to sell up to $600 million of new stock into the open market.
- The sizable at-the-market equity offering follows a sharp multi-day rally, raising dilution and top-ticking concerns among investors.
- Shares are facing additional pressure from a broader tech sector pullback as investors move to lock in profits.