Hycroft Mining plunges after launching $40M stock offering

Hycroft Mining (NASDAQ:HYMC) -16.1% post-market Wednesday after announcing a public offering of units comprised of one common share and a half of one common share purchase warrant for ~$40M of gross proceeds, plus an underwriters option to purchase up to an additional 15% of the base offering.

The company said it plans to use the proceeds from the offering for further exploration, working capital and general corporate purposes.