OncoSec Medical (NASDAQ:ONCS) stock is rising higher on Wednesday after the company withdrew a public stock offering.
According to the company, it no longer wants to move forward with the offering. It makes sure to note that no securities were redeemed through the offering, which was announced by the company at the start of February.
The details from the public offering saw the company seeking to offer up to around 6.18 million shares of ONCS stock. The offering would also have included warrants for another 6.18 million shares. These warrants would have had an exercise price of $2.02 per share.
What This Means for ONCS Stock
With the withdrawal, investors in ONCS stock now don’t have to worry about the downsides that come with such an offering. That includes no more concerns about the offering diluting their stakes in the company, or the offering devaluing ONCS stock.
This has spurred a renewed interest in ONCS stock with traders buying shares. As of this writing, more than 5 million shares have changed hands. That’s a massive jump from the daily average trading volume of about 300,000 shares.
ONCS stock is up 90.7% in pre-market trading on Wednesday!
There’s even more stock market news traders will want to know about below!
We’ve got all of the hottest stock market news for Wednesday! That includes what has shares of Reata Pharmaceuticals (NASDAQ:RETA) stock rocketing, the biggest pre-market stock movers this morning and more. You can find all that news at the following links!
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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.