ZyVersa Therapeutics (NASDAQ:ZVSA) stock is flying higher on Thursday as investors react to a preliminary prospectus for a stock offering.
The stock offering announced by ZyVersa Therapeutics covers securities offered by Selling Securityholders. This is in connection to the company’s special purpose acquisition company (SPAC) merger that took it public in December 2022.
ZyVersa Therapeutics notes that with these stock offerings, it won’t receive any of the proceeds from the sales. The offerings can also take place from time to time. In addition to that, they will be sold at market prices or negotiated prices.
Here’s the number of securities included in the preliminary prospectus.
- 4,317,500 Shares of Common Stock Underlying PIPE Shares.
- 4,317,500 Shares of Common Stock Underlying PIPE Warrants.
- 723,143 Shares of Common Stock Underlying Series B Preferred Stock.
- 5,825,369 Shares of Common Stock Underlying Public Warrants.
ZVSA Stock Movement
With today’s announcement comes heavy trading of ZVSA stock. As of this writing, roughly 2 million shares of the units have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 259,000 shares.
ZVSA stock is up 93.8% as of Thursday morning.
Investors looking for more of the latest stock market news today are in luck!
We’ve got all the latest stock coverage traders need for Thursday! That starts with what has shares of Tenax Therapeutics (NASDAQ:TENX) stock rallying, this morning’s biggest pre-market stock movers, and more. You can read up on all of that news at the links below!
More Thursday Stock Market News
- Why Is Tenax Therapeutics (TENX) Stock Up 149% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Why Did Bright Green (NASDAQ:BGXX) Stock Gain 170% Today?
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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.