According to the company, it won’t pursue a plan to sell 12.5 million shares in a public offering. TransCode had presented the idea in a filing but hadn’t provided investors with a price for each share in the offering.
TransCode Therapeutics’ reason for withdrawing the public offering has to do with current market conditions. It said that these conditions are “not conducive for an offering on terms that would be in the best interests of the Company’s stockholders.”
What’s Happening With RNAZ Stock Today
Following news of the withdrawal, shares of RNAZ stock have seen heavy trading and a rising price. As of this writing, more than 54 million shares of the stock have changed hands. For the record, the daily average trading volume is closer to 702,000 shares.
That positive movement makes sense, as today’s announcement rebuilds investor confidence. Traders typically don’t respond well to public offerings as they dilute investments by increasing the number of outstanding shares.
Investors will also note that RNAZ stock is seeing extraordinary growth today. Considering the cheap price of the stock, it could be a case of retail traders using today’s news as a catalyst to pump and dump the shares. Traders will want to keep that in mind while weighing any investments in RNAZ today.
RNAZ stock is up 147.7% as of Wednesday morning.
Investors looking for more of the most recent stock market news are in luck!
We’ve got everything traders need to know about the latest stock stories for Wednesday! Among that is what has shares of Sanofi (NASDAQ:SNY), Meta Materials (NASDAQ:MMAT) and Apple (NASDAQ:AAPL) stock moving today. Investors can learn all about that at the links below!
More Wednesday Stock Market News
- SNY Stock Alert: Why 1 Analyst Says Zantac Ruling Is ‘Best-Case Scenario’ for Drugmakers
- Why Is Meta Materials (MMAT) Stock Up 9% Today?
- What Is Going on With Apple (AAPL) Stock Today?
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On the date of publication, William White did not hold (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.