10 Stocks Took a Shocking Nosedive

5. Equinox Gold Corp. (NYSEAmerican:EQX)

Equinox Gold dropped its share prices by 5.06 percent on Friday to finish at $6.94 apiece as investors unloaded portfolios amid the drop in spot prices of gold.

On the same day, gold saw its spot prices decline by 1.26 percent to $3,310.42 per troy ounce, amid a profit-taking from the previous day’s gains.

In recent news, Equinox Gold Corp. (NYSEAmerican:EQX) entered into an agreement with Calibre Mining Corp. for their planned $1.8-billion merger. Under the transaction, Equinox Gold Corp. (NYSEAmerican:EQX) will acquire all of Calibre’s issued and outstanding shares.

The transaction is expected to boost Equinox Gold Corp.’s (NYSEAmerican:EQX) producing mines to nine from seven previously, alongside Calibre’s Valentine project in Newfoundland, which is underway construction.

Upon completion, Equinox Gold Corp. (NYSEAmerican:EQX) is set to become Canada’s largest gold miner.

The transaction is expected to be closed this month.