BNCCorp Inc.'s shares plunged Thursday after the Bismarck, N.D., company announced a private placement at a highly discounted price.

The $665 million-asset company said in a press release that it would sell 9.2 million shares of its common stock to unnamed investors for $17 million, or roughly $1.85 each. BNCCorp's shares plummeted 45% from their closing price on Wednesday, to $2.75 each.

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