By Will Feuer
Shares of Forza X1 tumbled 45% after the electric boat startup priced a public offering of about 5.3 million shares at $1.50 apiece.
The stock, which was up almost 144% so far this year through Friday’s close, fell 45% to $1.70 in premarket trading on Monday.
The Fort Pierce, Fla., company said it plans to raise about $8 million through the offering. Forza X1 said it plans to use the money for development of its manufacturing facility as well as general corporate purposes.
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