Shares of Bionano Genomics (BNGO) experienced a rollercoaster ride, ultimately soaring 7.30% over 24 hours after an initial sharp decline. The volatility came in the wake of the company's announcement of a $10 million public offering, which initially triggered a sell-off among investors concerned about potential share dilution.

During the regular trading session, Bionano Genomics saw its stock price tumble nearly 38%, hitting a 52-week low of $1.50 at one point. The company priced its public offering of 5 million shares, along with Series E and short-term Series F warrants, at a combined public offering price of $2.00 per share. This move, aimed at raising approximately $10 million in gross proceeds, initially spooked investors.

However, the stock staged a remarkable comeback in after-hours trading and continued its upward trajectory, suggesting that some investors view the steep drop as a buying opportunity. Bionano Genomics stated that it intends to use the proceeds from the offering for working capital and general corporate purposes, which could potentially strengthen its financial position. As the market continues to digest this information, it appears that traders are reassessing the company's value proposition, driving the stock up and resulting in the significant 24-hour gain.