- Shares of Shopify plummeted more than 5% during extended trading after the company announced a new stock offering.
- Over the past 12 months, however, the company's stock is up nearly 150%.
The Canadian e-commerce company said in a press release that it "expects to use the net proceeds from the offering to strengthen its balance sheet, providing flexibility to fund its growth strategies."
The offering is being underwritten by Credit Suisse and Morgan Stanley, according to the release.
In its most recent quarterly earnings report, Shopify posted revenue of $362 million, exceeding the $350 million expected by analysts. Its stock, meanwhile, has soared 144% year to date.