Sector Update: Tech Stocks Continue to Lose Ground Near Monday Close

Last Updated: Monday, June 27, 2022 4:00 PM | MT Newswires

Technology stocks were finishing near their intra-day lows on Monday, with the SPDR Technology Select Sector ETF (XLK) falling 0.9% in late trade while the Philadelphia Semiconductor Index was sinking 0.2% this afternoon.

In company news, Digital World Acquisition (DWAC) fell 9.5% after saying a federal grand jury in Manhattan late Friday delivered subpoenas seeking documents detailing its due diligence and other communications between the blank-check company, its financial advisors and the organizers of a new social media platform company for former US President Donald Trump. The Securities and Exchange Commission earlier this month asked for many of the same documents the grand jury is now seeking, the company said.

Altair Engineering (ALTR) slumped 8% after the data analytics firm priced a $230 million private placement of 1.750% convertible senior notes due 2027. Separately, Altair said it has fully satisfied a 2019 judgment that had kept it from licensing software from UK-based data-analytics company WPL and ending nearly 12 years of litigation between the company and the SAS Institute.

AgEagle Aerial Systems (UAVS) fell 2.5% after the drone manufacturer Monday said an existing institutional investor will buy 10,000 of its series F 5% convertible preferred shares, generating roughly $10 million in gross proceeds. The unnamed investor also received three-year warrants to buy up to 10.4 million common shares exercisable beginning in late December at $0.96 per share.

To the upside, Tuya (TUYA) added 9.1% after the cloud platform company Monday priced an $18 million global offering of 7.3 million class A ordinary shares at 19.30 Hong Kong dollars ($2.46) per American depositary share, or about 2.8% under Friday's closing price.

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