Why the Pilbara Minerals (ASX:PLS) share price crashed 17% lower today

The Pilbara Minerals Ltd (ASX: PLS) share price has returned from its trading halt on Wednesday and crashed lower.

In early trade the lithium miner’s shares were down as much as 17% to 72.5 cents.

The Pilbara Minerals share price has recovered slightly since then but is still down 13.5% to 75.7 cents at the time of writing.

Why is the Pilbara Minerals share price crashing lower?

The company’s shares have come under pressure today after it completed the institutional component of its equity raising.

According to the release, the company has raised a total of $61 million via an underwritten 1 for 7.6 pro-rata accelerated non-renounceable entitlement offer. These funds were raised at 36 cents per new share, which represents a…