YYForce wants to raise four times what the market says the whole company is worth.
At 4:25 PM ET it announced a $20M offering of Class A shares. The profile puts YYForce at about $5M in market cap, with roughly 4M shares of float. $YFOR is -15.22% after hours. The market did the division before the prospectus did.
An announced offering is a plan, not a completed sale. The headline gives a dollar target and a share class. It does not give a price per share. It does not say how many new shares it takes to reach $20M. At a $5M valuation, that share count decides what the old shares are worth.
Tonight's drop is an after-hours print, not an opening gap. So any history here is context, not a forecast, and it comes from other stocks, not YYForce. Across 4,223 prior sessions in which a stock opened down 15% or more (price ≥$1), 54% closed below their own open and 45% closed above it. The median was -1.17% open to close.
That close-versus-open history is close to a coin toss. The math of a $20M raise on a $5M company is not.