The bloom may be off the rose for meme stock Torchlight Energy (TRCH-28%), plunging nearly 30% and following a similar rout yesterday after it upsized its stock offering to $250M.
The price has been chopped nearly in half since Torchlight said after Monday's close that it was upsizing its stock offering to $250M from the $100M it planned previously.
Through Monday, Torchlight shares had soared 1,317% YTD to an all-time high $10.88; now, they're struggling to stay above $5.