MyMD Pharmaceuticals (NASDAQ:MYMD) stock is heading higher on Tuesday after announcing a new amendment to a securities purchase agreement with preferred shareholders.
MyMD Pharmaceuticals reached an agreement with holders of these securities to delay its March 2024 and April 2024 payments. This gives the company until May 2024 to make those payments and installments.
To accompany this delayed payment, MyMD Pharmaceuticals has reached an agreement to increase its board of directors from six seats to seven. Mitchell Glass will join the company’s board as the director chosen by the preferred shareholders.
The amendment also lets the preferred shareholders vote alongside normal shareholders. This works on a converted basis with a conversion price of $60.21 per share.
MYMD Stock Movement on Tuesday
News of the amended securities purchase agreement brings with it extra attention to MMD stock. That has more than 4 million shares changing hands as of this writing. That’s already well above its daily average trading volume of about 43,000 shares.
MYMD stock is up 35.3% as of Tuesday morning but was down 65.7% year-to-date when markets closed on Monday.
There are more stock market stories ready to go below!
We have all of the hottest stock market news for Tuesday! Among that is why shares of Biophytis (NASDAQ:BPTS) stock are up, the biggest pre-market stock movers this morning and more. All of that info is available at the following links!
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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.
