Shopify Plunges as Another Equity Raise Confuses Wall Street

Shopify sank as much as 11 percent to $143.02 after announcing its second equity capital raise this year, confounding some bulls.

The Canadian e-commerce company said in a statement last night it would sell 2.6 million Class A subordinate voting shares to strengthen its balance sheet, which follows a 4.8-million share offering from earlier this year. The latest equity raise priced at the bottom of the reported $154 to $156 range.