Benzinga | Sep 23, 2020 02:59PM EDT

Why Usio's Stock Is Trading Lower Today

Usio (NASDAQ:USIO) shares were trading lower on Wednesday after the company priced a 4,705,883 share common stock offering at $1.70 per share.

Usio is a United States-based company serves technology companies with merchant processing and card issuing solutions. It offers a range of customized services to merchants, billers, banks, service bureaus, and card issuers.

The primary business of the company is processing electronic payments for other companies including all types of Automated Clearing House (ACH) processing, credit, prepaid card, and debit card-based processing. The company provides these solutions through Usio Pay, Usio Card, and Usio Donate.

Usio shares were trading down 28.63% at $1.62 at the time of publication Wednesday. The stock has a 52-week high of $3.72 and a 52-week low of 75 cents.