Conduit Pharmaceuticals Inc (CDT)

Shares of Conduit Pharmaceuticals Inc (CDT) dropped by 31.92% from $6.14 to $4.18 in the trading on Tuesday, December 19, 2023. The reason why CDT down today is due to the company's filing of a prospectus and Form 4 submissions indicating changes in beneficial ownership. These filings hinted at the possibility of a forthcoming share offering. Such an offering typically involves the issuance of additional shares, which could potentially dilute the ownership stakes of existing shareholders. Investors reacted to this news by selling their shares in anticipation of potential dilution, resulting in the significant decline in CDT's stock price.