Why Innoviz Stock Fizzled Out on Thursday
The company's shares closed nearly 8% lower, against the relatively modest 2% decline of the S&P 500, on the news that it's seeking a big chunk of new financing. It plans to do so by issuing fresh common stock, warrants, debt instruments, and units. As such, these documents are often not very specific regarding the types of financing instruments, timing, purpose, etc. This was the case with Innoviz's filing, although it's likely that somewhat early-stage company simply aims to shore up its finances.
