The shares had lost another 81 cents in after-hours trading, dropping a further 3% to $25.70 as of 6 p.m. EDT.

Trump Media shares have lost nearly 60% of their value since trading at $66 late last month after premiering on the Nasdaq following the merger of Trump’s privately held Truth Social media company and a public shell company, Digital World Acquisition Corp.

Its market capitalization, meanwhile, has fallen from $6 billion to $3.7 billion.

Monday’s sell-off appeared to be prompted not by Trump’s appearance in court at the start of the first-ever criminal trial for a former U.S. president, but rather by a Securities Exchange Commission filing in which the company disclosed plans to issue millions of additional shares of stock.

The prospectus says Trump Media will offer more than 21.4 million shares of common stock issuable “upon the exercise of warrants,” which could result in more than $247 million in proceeds, while also offering the resale of up to 146 million shares by “selling securityholders.”

Trump himself owns nearly 60% of the company’s shares. The company this week reported sales of just over $4 million — as net losses reached nearly $60 million — for the full year ending Dec. 31.

Analysts said short sellers are piling into the stock, betting it will fall even further.

“Political considerations aside, any fast-moving, highly valued stock with minimal revenues and profits relative to its market capitalization will attract attention from short sellers,” Interactive Brokers Chief Strategist Steve Sosnick told Investors Business Daily.

The former president was in Manhattan Criminal Court on Monday for the start of the criminal trial against him over alleged hush money payments made to an adult film actress. He has pleaded not guilty to all charges as jury selection began in the court of Judge Juan Merchan.