Shares of Fiverr International Ltd. FVRR, -8.95% dropped 4.4% in midday trading Thursday, reversing an earlier intraday gain of as much as 4.2%, even as the provider of platforms for those seeking freelance work withdrew its planned public stock offering. Fiverr said the reason for the change of mind, was that it decided “given Wednesday’s market conditions it is not in the best interest of the company and its shareholders to raise equity capital.” Fiverr’s stock had tumbled 13.0% to $242.99 on Wednesday, after the company said late Tuesday that it has launched a public offering of $700 million worth of shares. That selloff had moved the stock into a bear market, as it closed 24.8% below its Feb. 12 record close of $323.10. The stock has still run up more than sevenfold (up 605.6%) over the past 12 months, while the S&P 500 SPX, -1.81% has gained 22.2%.
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