Galmed Pharmaceuticals (NASDAQ:GLMD) stock is on the move Thursday after the company priced a public offering of its shares.
Galmed Pharmaceuticals intends to offer up 6,578,947 shares of GLMD stock at a price of $2.28 per share. Investors that would exceed the 4.99% or 9.99% stake limits can still take part in the offering with the purchase of pre-funded warrants. These are priced at $2.279. The warrants are exercisable for $0.001.
According to the company’s filing, the shares in this sale will also include warrants to purchase another 6,598,947 shares of GLMD stock. That company doesn’t yet specify the exercise price for these warrants.
Galmed Pharmaceuticals hasn’t started this public offering yet and has only proposed it. The company notes this means certain things about it, such as how much it will sell its shares for, are subject to change.
What This Means for GLMD Stock
GLMD stock would see its total number of outstanding shares increase if this offering becomes effective. Doing so would dilute the investments of traders already holding stakes in the company.
GLMD stock is seeing heavy trading this morning, with some 2 million shares of the move. To put that in perspective, the company’s daily average trading volume is a fraction of that at 316,000 shares.
GLMD stock was down in pre-market trading but is up 5.7% as of Thursday morning.
Investors seeking out even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market stories that traders will want to read about on Thursday! That includes what’s going on with shares of CryoPort (NASDAQ:CYRX), 60 Degrees (NASDAQ:SXTP), and Jiuzi (NASDAQ:JZXN) stock today. All of that news is ready to go below!
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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.
