Hitek Global Inc. Ordinary Share is trading 13.5% down at $0.39 today, continuing a steep multi-day slide from its June 1 high of $6.58 after a heavily dilutive ~$8 million registered direct offering of new shares and warrants.
- The deal has significantly increased the company’s share count, triggering a sharp sell-off as traders react to the dilution and engage in profit-taking following the prior price spike.
- Downward pressure is being exacerbated by weak sentiment across the cryptocurrency market, coinciding with falling prices for Bitcoin and Ethereum.