Palisade Bio is selling over 2.33 million shares of PALI stock through a registered direct offering. The company notes that gross proceeds from this sale will come to over $1.96 million. The buyers of these shares are institutional investors. Also, Ladenburg Thalmann & Co. is acting as the exclusive placement agent for the offering.
Palisade notes that this offering will take place on or about Sept. 11. The company will use the funds gained from the offering for working capital and general corporate purposes. Shares in the offering will be sold at market prices.
How This Affects PALI Stock
This registered direct offering has Palisade Bio increasing the total number of shares available on the market. Doing so will cause the stakes of current investors in the company to be diluted. Considering that effect, it makes sense that shares of PALI stock would fall on the news.
Today’s registered direct offering announcement also brings with it heavy trading of PALI stock. As of this writing, over 4.6 million shares have changed hands. For the record, that’s already well above its daily average trading volume of about 2.9 million shares.
PALI stock is down 45.5% as of Thursday morning.
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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.