VirnetX shares plunge after stock sale postponement

|About: VirnetX Holding Corporation (VHC)|By:, SA News Editor

VirnetX (NYSEMKT:VHC) announces that a previously announced share purchase agreement will not complete today as expected due to financing issues.

Early last month, VirnetX announced that Public Intelligence Technology Associates would purchase nearly 5.5M shares of common stock for a purchase price around $20M. 

The new regulatory filing says the sale can’t complete on July 17 as planned because the investor’s “financing sources have not yet completed their diligence of Investor” and that the company still believes the sale will occur in the future.   

VirnetX shares are down 22.83% premarket.