Tech Shares Up Big Following Offering Withdrawal Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, September 17, 2024

Usually, when a company announces a public offering, it’s viewed as a negative thing for existing shareholders as it’s dilutive to the value of outstanding shares. There are certainly instances where offerings are viewed as bullish, especially if the funds raised are aimed at doing something crucial for the company’s survival or expansion.

Earlier this morning, a Pittsburgh-based tech company announced that they were withdrawing from a previously announced public offering, which made traders extremely bullish as we headed toward the opening bell. Shares of Smith Micro Software Inc. (Nasdaq:SMSI) opened the session up at $0.85/share (+62.52%), and has plenty of room to run. Be sure to watch this micro cap today!

Smith Micro Software Inc is a provider of software solutions. It develops and markets wireless solutions for wireless service providers, mobile device and chipset manufacturers, and enterprise businesses. It offers multi-platform, modular solutions such as SafePath; CommSuite; and ViewSpot. The company's only reportable segment being Wireless. Its Wireless segment sells primarily to large wireless carriers, cable operators, and OEMs.

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