QuantumScape investors have had quite a week—shares fluctuating by more than $23 a share, almost 40%. What’s driving these wild swings is a new stock sale by the company that is already flush with cash.

Shares of QuantumScape (ticker: QS) are down again in midday trading Friday by 2.5%, to $44.78. The S&P has gained about 0.7%.

The company’s…

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