NanoVibronix (NASDAQ:NAOV) stock is soaring higher on Friday after releasing a filing with the U.S. Securities and Exchange Commission (SEC).
The filing from NanoVibronix notes that it has entered into an agreement with existing accredited investors to exercise some of their outstanding warrants. That includes 1,205,967 shares of NAOV stock at a price of $1.165. The agreement also grants these investors another 1,205,967 warrants with an exercise price of $1.04 per share.
The increasing price in NAOV stock comes with heavy trade of the shares. As of this writing, more than 40 million shares of the stock have changed hands. That’s a massive spike over the company’s daily average trading volume of 4.79 million shares.
With more investors taking an interest in NAOV stock, let’s take a look at what the company is all about.
- NanoVibronix is a medical company that focuses on the creation of ultrasound therapy devices.
- These devices can offer benefits to patients via acoustic waves.
- That includes “helping eliminate pain, repair and regenerate tissue in musculoskeletal / vascular structures and decrease bioﬁlm formation on urinary catheters.”
- NAOV stock has seen several spikes over the last few months as its devices make their way to the U.S.
- That includes its UroShield, which protects against urinary tract infections (UTIs).
- NanoVibronix specifically notes that the UroShield is useful in patients with long-term catheters, such as those hospitalized due to the novel coronavirus.
- The stock also got a boost after an independent study found that the device does indeed help to reduce UTIs in patients.
NAOV stock was up 11% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.