SoFi’s red-hot inventory drops after plan to lift $1.5 billion in inventory providing

Shares of SoFi Technologies Inc. sank more than 6% in after-hours trading Thursday, after the fintech company announced plans for a $1.5 billion stock offering.

In a statement, San Francisco-based SoFi said it plans to use the proceeds 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.”