VisionSys shares plunge 23.16% intraday after $12M dilutive financing with aggressive warrant terms.

VisionSys AI Inc. (NASDAQ:VSA) plunged 23.16% intraday following a $12 million direct offering that caused severe shareholder dilution, as detailed in a registered direct offering on November 13, 2025. The offering, which exceeded the company’s $10.15 million market capitalization, included warrants with aggressive anti-dilution provisions and zero-cash exercise options, signaling profound weakness and exerting downward pressure on the stock. Concurrently, the company’s financial performance worsened, with revenue declining 52% year-over-year and 74% over three years, while its price-to-sales ratio (0.2x) fell far below industry peers. These factors, combined with a history of poor earnings and revenue growth, confirmed investor pessimism, triggering the sharp intraday selloff.