Coffee Holding Co. (NASDAQ:JVA) has announced a stock offering amounting $9.3 million of 890,000 shares at a price of $10.40. The issue carries warrants to buy additional stock at a price of $13.59. The offer price of $10.40 is below yesterday’s closing of $11.82. In a separate offer, company executives are planning to sell another 200,000
Shares at $9.92. The announcement caused the stock to drop 15%.
The issue has been placed with certain institutional investors and the proceeds of the issue are proposed to be used for working capital and general corporate purposes including the acquisition of companies, businesses, technologies, products or assets or interests in joint ventures.
Coffee Holding Co. (NASDAQ:JVA) stock is trading at $10.09 today, down 14.65%. Shares are up 181.43% in one year. The stock’s trading range for the year is between $3.67 and $30.98.
Coffee stocks to add to your watch list: Starbucks (NASDAQ:SBUX), Dunkin’ Donuts (NASDAQ:DNKN), Green Mountain Coffee Roasters (NASDAQ:GMCR), Peet’s Coffee and Tea (NASDAQ:PEET), Caribou Coffee Company (NASDAQ:CBOU), and Coffee Holding Co. (NASDAQ:JVA).