Veritone (VERI) stock became the third-most trending ticker on Stocktwits, and its shares fell nearly 17% in early trading after the company announced an equity offering of approximately 12.87 million shares of common stock at a purchase price of $5.83 per share.

Notably, despite the slide, the stock was still trading at $6.98 at the time of writing. The aggregate gross proceeds from the offering are expected to be about $75 million, before deducting offering expenses payable by the company. 

Veritone said that it intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, for working capital and general corporate purposes. The company said this could also include capital expenditures, debt service, and repayment of indebtedness.

On Tuesday, the company announced that it has secured major contract wins to deploy its Veritone Data Refinery (VDR) product offering. The firm also reported preliminary third-quarter results and said it expects revenue of $28.5 million to $28.7 million, compared with the prior forecast of $28 million to $30 million.

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