By midday, shares had tanked 26% to $9.62.
Trading volume of 1.4 million shares was nearly 20 times its three-month daily average.
Must Read: Warren Buffett's 10 Favorite Growth StocksSELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more. The home audio technology developer said it intends to offer around $45 million of common stock in an underwritten public offering. The company hasn't yet priced the offering. In a statement, Parametric said it intends to use net proceeds to "repay certain indebtedness and for working capital and other general corporate purposes." Needham & Company will act as sole book-running manager, while Cowen and Company and Wedbush Securities will act as as co-lead managers. Lake Street Capital Markets is acting as co-manager for the offering. STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.