The offering is a private placement of preferreds with the CEO throwing in his own money. If today's sell-off was related, you would have seen it begin in the pre as that's when he news was put out there.
IMO, as I mentioned in last week's posts, FNCX has always been a darling of the shorts for some reason. They love to short the heck out of this...and today, they took advantage of those entering Friday by forcing some sales while shorting it down. That's what they've always done with this stock...and they will continue to do so gotta trade it wisely.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.