QuantumScape stock drops 14% after solid-state battery maker plans stock offering

Shares of QuantumScape Corp.
QS,
-20.70%
tanked 14% in the after-hours session Wednesday after the battery maker pursuing a solid-state lithium battery said it plans to offer $300 million worth of shares for “working capital and general corporate purposes.” Underwriters will have a 30-day option to buy an additional $45 million of shares, the company said. Evercore ISI and Morgan Stanley are the joint bookrunners, the company said. Shares of QuantumScape ended the regular trading day down 12%.