Fluence Energy, Inc. (FLNC) shares plummeted 7.12% intraday on Wednesday, extending recent losses driven by a large secondary stock offering.

The renewable energy storage company announced the pricing of an underwritten public offering of 20 million Class A common shares by certain controlling stockholders, including AES and Siemens, at $21 per share. This represents a $420 million secondary offering, with the offering price at a discount to the stock's previous close. The company will not receive any proceeds from the sale, as all funds will go to the selling shareholders.

The significant stake reduction by key insiders and the increased supply of shares have raised dilution concerns among investors, leading to sustained selling pressure. This intraday decline follows a 15.7% drop on Tuesday after the offering was initially commenced.