NuScale (SMR) Drops 8% on Capital Hike Plan

We recently published 10 Big Names Investors Are Dumping. NuScale Power Corp. (NYSE:SMR) is one of the worst performers on Wednesday.

NuScale Power extended its losing streak to a fourth consecutive day on Wednesday, shedding 8.12 percent to close at $15.73 apiece as investors unloaded portfolios on news that it was increasing its authorized capital stock by nearly double.

In a regulatory filing on the same day, NuScale Power Corp. (NYSE:SMR) said that it sought the approval of the Secretary of State of the State of Delaware for its plan to raise its authorized capital stock to 662 million shares with a par value of $0.0001 apiece, from 332 million at present.

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The drop, on the other hand, was primarily dragged by concerns about the potential impact of new share issuance on NuScale Power Corp.’s (NYSE:SMR) current shareholders.

The plan has already been approved by the Board of Directors during a special meeting on Tuesday, December 16.

NuScale Power Corp. (NYSE:SMR) also mirrored a broader market pessimism, as investors disposed of shares in companies riding the wave, including energy firms.

In the third quarter of the year, NuScale Power Corp. (NYSE:SMR) expanded its net loss attributable to shareholders by 1,470 percent to $273 million from $17 million in the same period last year.

Revenues, on the other hand, increased by 1,635 percent to $8.2 million from only $475,000 year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.