PURR is trading at $8.02 (-5.48%) today after a new SEC filing revealed a significant number of shares are being registered for potential resale, creating a potential stock overhang.
- On May 21, the company filed an S-1 registration statement for the resale of up to 35,156,660 shares of common stock by Rorschach Advisors LLC.
- Such filings can put downward pressure on a stock's price as the market anticipates the potential for increased supply of shares.
- The move follows a period of strength for the stock, which had gained for three consecutive days prior to today's decline.