Summit Wireless Announces Securities Purchase; Shares Drop

After setting a 52-week high of $7.06 midday Thursday (see 2107220027), Summit Wireless shares tumbled 15% in Friday trading to close at $3.91. The company announced Friday it signed a securities purchase agreement with several institutional investors for issuance and sale of 2.5 million shares of its common stock at a price of $4 per share, for proceeds of about $10 million in a registered direct offering.