Icahn Enterprises Stock Hits 21-Year Low Following $400 Million Share Sale Announcement

The company's shares plummeted after disclosing plans to sell depository units to fund acquisitions and other purposes.

Shares dropped 14.3%, reaching their lowest point since November 2003.
Icahn Enterprises aims to raise up to $400 million through an 'at-the-market' offering program.
Proceeds from the sale will be used for potential acquisitions and general corporate purposes.
The announcement follows a recent settlement with U.S. regulators over nondisclosure of pledged securities.
Icahn Enterprises remains in conflict with Hindenburg Research over allegations of overvalued holdings and margin borrowing issues.