Silo Pharma (NASDAQ:SILO) stock is in the news Wednesday as investors react to the company’s uplisting of its shares.
This saw shares of SILO stock switch from the OTC Market to the Nasdaq yesterday. To go along with that, the company announced a stock offering of 1 million shares priced at $5 each. The offering ends tomorrow.
That offering has the company expecting to raise $5 million before underwriting expenses. It will use these funds for “product development, marketing, and working capital and general corporate purposes.”
Investors will also note that the offering includes a 45-day option for underwriters to purchase additional shares. This allows them to acquire up to 150,000 more shares of SILO stock at the offering price.
What Does Silo Pharma Do?
Silo Pharma is a development-stage biopharmaceutical company. Its major focus is on the development of treatments for PTSD, Alzheimer’s, and other rare neurological disorders. That includes combining traditional therapeutics with psychedelic research.
Shares of SILO stock are seeing heavy trading on Wednesday after its uplisting. This has some 1.6 million shares of the stock on the move today. To put that in perspective, the company’s daily average trading volume is closer to 7,000 shares.
SILO stock is up 3.7% as of Wednesday afternoon but is down 20.3% year-to-date.
There’s more stock market news traders will want to know about below!
We’ve got all of the latest stock coverage traders need to know about for Wednesday! A few examples include why shares of Taiwan Semiconductor (NYSE:TSM), BTRS (NASDAQ:BTRS), and Casava Sciences (NASDAQ:SAVA) stock on the move. You can learn more on these matters at the following links!
More Wednesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.