Nobody on the open market got a seat at China SXT Pharmaceuticals' $12 million sale.
That is what "registered direct offering" means in the 9:22 AM ET headline. The new shares go straight to investors lined up in advance instead of being marketed to the public. The public learns the price the usual way: on the tape.
$SXTC is -87.77% at lunch. The market now values the whole company at about $7M, with roughly 1M shares of float. Three minutes later, #DKI priced a $6 million public offering and is -50.41%. Two different routes to selling new stock, and the tape treated both the same way.
The gap is already printed. The question left is what this stock has done after the bell on mornings like this. Across 40 prior SXTC sessions that opened at least 5% below the prior close, about 27 closed below their own open, with a median of -2.86% from open to close. That history starts at the open. Today's -87% is not in it.
The headline gives a dollar total and stops there. The per-share price, whether warrants are attached and the closing date are still not in this feed.