Allarity Therapeutics (NASDAQ:ALLR) stock is rising higher on Monday after signing an amended letter agreement with 3i.
3i is a holder of Series A Convertible Preferred Stock and the letter agreement covers the conversion price of those shares. As per the old agreement, the conversion price lasted through Jan. 19 and was below ALLR’s prior closing price.
The big news affecting ALLR stock today is a change to that letter agreement. With this change, the conversion price for the Series A Convertible Preferred Stock will remain in effect until Allarity Therapeutics and 3i choose to terminate it.
Other ALLR Stock News
Alongside the conversion price news, Allarity also provided guidance for its annual budget in 2023. The budget includes milestone and patent payments of $4.92 million, development costs of $10.5 million and operating expenses of $6.26 million.
According to Allarity Therapeutics, the company intends to obtain funding that will allow it to finance its 2023 budget. However, the company notes that’s there’s no guarantee that it will get these funds.
With today’s news comes heavy trading of ALLR stock. As of this writing, some 12 million shares have changed hands. That’s a massive leap over the daily average trading volume of about 1 million shares.
ALLR stock is up 72% as of Monday morning.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market coverage for Monday! That includes the biggest pre-market stock movers this morning, as well as what’s happening with Mullen Automotive (NASDAQ:MULN) and AMC Entertainment (NYSE:AMC) shares. All of that is available at the links below!
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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.
