Lithium Americas: More Ridiculousness After Public Offering

gchapelIn a stunning display of self-immolation, Lithium Americas (NYSE:LAC) set itself on fire and incinerated 30% of its share price in one day via a public offering of shares. While some investors were aware LAC needed additional capital to bridge the gap in funding for its lithium mine (called Thacker Pass), some were not. Both groups however were stunned when LAC announced it would issue 55 million shares (with the ability to issue an extra 15%) at a mere $5.00 a share. This resulted in the stock c ...