Orsted's Stock Plummets Due to U.S. Halt Impacting Fundraising Efforts
Project Halt: Orsted's shares dropped 19% after the U.S. Bureau of Ocean Energy Management issued a stop-work order on its nearly completed Revolution Wind project off Rhode Island.
Impact on Capital Raising: The halt comes as Orsted plans to raise 60 billion Danish crowns ($9.42 billion) through a rights issue, which analysts believe is now jeopardized due to this unexpected setback.
Analyst Reactions: Analysts expressed shock at the situation, with one describing it as a significant hurdle for capital raising efforts and another noting the potential for further decline in share price.
Current Share Performance: Orsted's stock has already decreased by 30% since announcing its capital-raising plan on August 11, indicating ongoing financial challenges.
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