Why DARA Biosciences (DARA) Stock Is Plunging Today

NEW YORK (TheStreet) -- DARA Biosciences  (DARA) plunged Friday after the company priced its offering of common stock at $12.5 million.

DARA will issue registered shares of Series C-1 Convertible Preferred Stock with an aggregate stated value of approximately $12.5 million, which is convertible at the option of holders into a total of approximately 11.26 million shares of common stock at a conversion price of $1.11 per share.

The stock was down 23.13% to $1.23 at 10:27 a.m.

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DARA Price Chart

DARA Price data by YCharts

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