Similar to NantHealth, xG Technology Inc (NASDAQ:XGTI) also hit a 52-week low on Monday, and then again on Tuesday, trading as low as $0.44 in morning trading. Year-to-date losses for the nano-cap amount to more than 80%. Last month, the company announced a 1-for-12 reverse stock split, while earlier this month it priced an offering of 7.3 million units of common stock at $0.685 per unit, which caused shares to plummet by over 43%. Each unit in the offering comprises one share of common stock and 1.25 of a warrant to purchase a share of common stock at an exercise price of $0.685 per share.
Despite being a nano-cap, xG Technology Inc (NASDAQ:XGTI) counts the support of a few institutional investors, including Ken Griffin’s Citadel Advisors, which declared holding 17,223 shares of the company as of March 31.
Yet another stock that hit 52-week lows on both Monday and Tuesday was Amedica Corporation (NASDAQ:AMDA), which traded as low as $0.74 per share on Tuesday. Earlier this month, the nano-cap plummeted after announcing that it had priced a public equity offering of Class A Units and Class B Units at $1.00 and $1,000.00, respectively.
As of the end of the first quarter, three funds in our database were long Amedica Corporation (NASDAQ:AMDA), including Jim Simons’ Renaissance Technologies, which owned 333,309 shares.
Finally, there’s DryShips Inc. (NASDAQ:DRYS), which has lost more than 90% of its value this year, hitting 52-week lows on Monday and Tuesday, and trading as low as $0.40 per share. Despite being a troubled company operating in a conflicted industry, DryShips was in the equity portfolios of four of the hedge funds in our system at the end of the first quarter. Among them were James Dondero’s Highland Capital Management, owning 380,958 shares, and, Mr. Simons’ quant fund RenTech, with 320,262 shares.
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.