Express stock reverses sharply lower after large ‘at-the-money’ stock sale plan

Shares of Express Inc. took a dive in premarket trading, to tumble 18.7% after being up as much as 22.0% earlier, after the apparel retailer announced plans to sell up to 15 million shares. The “at-the-market” offering, which could represent 22.6% of the shares outstanding, comes after the stock shot up 36.5% on Wednesday, and rocketed 113.4% over the past month, as part of the trading frenzy surrounding meme stocks. Earlier, Express’s stock had rallied after the company reported better-than-expected fiscal first-quarter results, saying it saw an “inflection point” in sales after Easter. The stock has soared 155.3% over the past three months through Wednesday, while the SPDR S&P Retail ETF has advanced 17.5% and the S&P 500 has gained 10.2%.

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