PaxMedica (NASDAQ:PXMD) stock is climbing higher on Wednesday after the company completed a public offering for its shares.
According to a press release from the company, it’s offering 5.38 million shares of PXMD stock at a price of $1.30 per share. Each of the shares also comes with a warrant to purchase an additional share. These warrants have an exercise price that matches the stock price in the offering.
The pricing of the stock offering was announced earlier this week and is set to close today. This has shares of PXMD stock rebounding after falling during the initial pricing of its shares. That makes sense as the $1.30 per share offering price was below its closing price of $1.75 per share when the offering began.
PaxMedica expects to raise $7 million from this stock offering. It also intends to use roughly $200,000 of these funds to pay back the convertible promissory note held by Lind Global Fund II LP. The rest will be used for development programs and general corporate purposes.
PXMD Stock Movement Today
With all of this news comes heavy trading of PXMD stock on Wednesday. As of this writing, more than 19 million shares have changed hands. That’s a massive leap over its daily average trading volume of about 1.2 million shares.
PXMD stock is up 56.8% as of Wednesday morning but down 96.3% since the start of the year.
Investors who are seeking out even more of the most recent stock market stories are in the right place!
We’re offering coverage of all the biggest stock market news worth reading about on Wednesday! A few examples of that include why shares of Virgin Galactic (NYSE:SPCE), SciSparc (NASDAQ:SPRC) and Alibaba (NYSE:BABA) stock are in the news today. You can catch up on these stories at the links below!
More Wednesday Stock Market News
- Morgan Stanley Is Souring on Virgin Galactic (SPCE) Stock
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- Jack Ma Backtracks on Plan to Sell Alibaba (BABA) Stock
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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.
