1847 Goedeker (NYSEAMERICAN:GOED) stock is taking a beating on Friday as investors react to news of a proposed share offering.

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Here’s everything investors need to know about GOED stock and the movement surrounding it today.

  • To start off with, 1847 Goedeker announced an underwritten public offering of 91,111,111 units.

  • Each of these units includes one share of GOED stock and a warrant to purchase another share.

  • These units are selling for $2.25 and the warrant is exercisable for that same price.

  • Those warrants can be exercised at any time and started trading today under the GOED WS stock ticker.

  • 1847 Goedeker expects gross proceeds from the offering to be $205 million before deducting underwriting discounts, commissions, and other offering expenses.

  • GOED plans to use part of the funds to fuel its transaction to acquire Appliances Connection.

  • The remaining will be used for general corporate purposes.

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  • The proposed underwritten offering also includes an option for the underwriter to purchase an additional 2 million shares of GOED stock and/or 2 million warrants.

  • ThinkEquity is serving as the sole bookrunner of the offering.

  • GOED stock is seeing heavy trading today with the underwritten public offering news.

  • That has some 55 million shares of the stock changing hands as of this writing.

  • This is a major jump compared to its daily average trading volume of roughly 164,000 shares.

  • 1847 Goedeker is an e-commerce company that sells appliances, furniture, and home goods.

  • It was founded in 1951 as a brick-and-mortar retailer before switching to an online business model.

GOED stock was down 69.5% as of Friday morning.

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