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Why is Adial Pharmaceuticals Inc (ADIL) Stock down?

We've noticed a 7.02% decline in Adial Pharmaceuticals Inc (ADIL) stock during the 2024-11-15 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Oct, 2023:

Adial Pharmaceuticals Stock (ADIL) dropped by 24.11% from $2.82 to $2.14 in the trading on Friday October 20, 2023. The reason why ADIL stock down today is due to a private placement. The company announced a $4 million private placement priced at-the-market under Nasdaq rules. The offering is expected to close on or about October 24, 2023, subject to the satisfaction of customary closing conditions.

$18.98
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