NANO Nuclear (NNE) Snaps 5-Day Jump on $400-Million Share Sale

We recently published 10 Stocks Taking a Nosedive. NANO Nuclear Energy Inc. (NASDAQ:NNE) is one of the worst performers on Wednesday.

NANO Nuclear ended a five-day rally on Wednesday, slashing 16.93 percent to close at $47.04 apiece as investors unloaded portfolios to take profits, while repositioning portfolios following a $400 million share sale.

In a statement, NANO Nuclear Energy Inc. (NASDAQ:NNE) announced the issuance of 8.49 million common shares priced at $47, and is expected to close on Friday, October 10, subject to closing conditions.

NANO Nuclear Energy Inc. (NASDAQ:NNE) intends to use the proceeds to advance the development, construction, and regulatory licensing activities for its lead micro nuclear reactor program, the KRONOS MMR Energy System, as well as continue with its development of other micro reactor projects and nuclear energy-related business lines.

The remainder will be used to pursue potential strategic acquisitions and fund other general corporate purposes.

In other news, NANO Nuclear Energy Inc. (NASDAQ:NNE) was recently added to the S&P Global Broader Market Index (BMI)—the world’s first float-adjusted global benchmark. Its inclusion paved the way for more public exposure, as funds and investment firms tracking the latter would need to add its stock into their fund portfolios to reflect the index’s composition.

The S&P Global BMI is designed to capture the global, investable equity universe, spanning 48 developed and emerging market countries and representing over 99 percent of available market capitalization worldwide.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.