The price of SoFi Technologies, Inc. ( SOFI ) is experiencing a nosedive in Friday's premarket session. The stock is down 7.5% enroute to the $20 support zone albeit market condition.

The asset's last recorded RSI was 54 further dip could lead to 40 in RSI levels which is prime enough for a bounce back.

iIn recent news, which could have been a precursor to the dip, SoFi Technologies is looking to fund additional business opportunities with an underwritten public offering of $1.5 billion of shares of its common stock.

The digital financial services company also plans to grant the underwriter a 30-day option to purchase as much as an additional 15% of the shares of common stock offered in the offering, it said in a Thursday (Dec. 4) press release.

“SoFi intends to use the net proceeds from the offering for general corporate purposes, including but not limited to enhancing capital position, increasing optionality and enabling further efficiency of capital management, and funding incremental growth and business opportunities,” the company said in the release.

About SOFI
SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada, and Hong Kong. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money; and personal loans, student loans, home loans, and related services.