42 F
New York
Friday, February 26, 2021

Here’s Why Cassava Sciences [NASDAQ: SAVA] Plunged On Friday?

Must read

MongoDB [NASDAQ: MDB] Announces Extended 5-year Collaboration With Google Cloud

MongoDB Inc. , reported an extended five-year collaboration that will stretch out their current go-to-market relationship. Moreover, it will provide a more profound integration...

Humana Inc [NYSE: HUM] Announces Collaboration With Mercy

Mercy and  Humana Inc. announces that the companies have collaborated. Both the companies inked a contract to extend patient access to virtual healthcare...

International Paper [NYSE: IP] Reports Purchase Of Berkley MF LLC

International Paper has purchased Berkley International's Molded Fiber (Pulp) production subsidiary, Berkley MF LLC. Berkley is the provider of essential packaging and e-commerce...

Perspecta [NYSE: PRSP] Received an Award For $38 Million To Continue Supporting DMDC

Perspecta Inc. , reported that the company has been granted an award to keep supporting the Defense Manpower Data Center (DMDC) with a strategic...

Cassava Sciences Inc. [NASDAQ: SAVA] shares plummeted 25.13% during the trading session of Friday. The biotechnology company has announced Friday the pricing of its previously disclosed underwritten public offering.

Cassava Sciences has provided the offer of 9,375,000 shares of its common stock, par value $0.001 per share, at a price to the public of $8.00 per share. It has given the 30-day option of additional 1,406,250 shares of common stock purchases to the underwriters.

Cassava Sciences [NASDAQ: SAVA] shares were trading down 25.13% at $8.37 at the time of writing on Friday. Cassava Sciences [NASDAQ: SAVA] share price went from a low point around $1.21 to briefly over $12.68 in the past 52 weeks. Furthermore, the SAVA market cap has remained high, hitting $204.90 Million at the time of writing.

The company reported that Cantor Fitzgerald & Co. will lead the offering as a book-running manager. H.C. Wainwright & Co. are serving as joint book-running manager for the offering. Maxim Group LLC is serving as a co-manager for the offering.

It has been revealed that the company will receive a gross profit from the offering of approximately $75.0 million. Cassava Sciences would use the profits from the offering to fund a Phase III clinical program of sumifilam. Additionally, Sumifilam is the lead candidate of the company for the treatment of Alzheimer’s disease.

Moreover, the offering will be anticipated to close on or about November 17, 2020, after satisfying the closing conditions.

More articles

Latest article

SG Blocks [NASDAQ: SGBX] Continues Growth Through The Execution Of 19-acre Acquisition Contract

SG Blocks, Inc. executes the contract to purchase the 19 acre Echo sites and all of its multiple structures. The company reported the...

HP Inc [NYSE: HPQ] Enters Into A Contract To Purchase HyperX

HP Inc. revealed that the company entered into a contract to purchase HyperX. It is the gaming subsidiary of Kingston Technology Company. Moreover,...

AT&T [NYSE: T] Might Sell Its Large Minority Stake At Direct TV/ U-Verse Operation To TPG

AT&T is approaching a deal to sell a significant minority stake in its DirecTV, AT&T TV Now, and U-Verse business to TPG. Additionally,...

Wipro [NYSE: WIT] Entered Into A Collaborative Agreement With Uptake

Uptake revealed that the company has collaborated with Wipro limited . The companies inked the agreement to deliver industrial intelligence for the utilities, chemical...

eXp World Holdings [NASDAQ: EXPI] Set Its Footprint In Brazil

eXp World Holdings, Inc. in order to expand its business operations has set its footprint into Brazil, under the eXp Brazil flag. Along...

L3Harris [NYSE: LHX] Grabbed A Contract Totaling Up To $137M For 4 Navigation Payload MDU

L3Harris Technologies announced that the company has grabbed a contract that totals up to $137 million for four route payload Mission Data Units...

VerifyMe [NASDAQ: VRME] Nabs Purchase Order For 2M Pre-Printed Anti-Counterfeiting Labels

VerifyMe, Inc revealed that the company has been awarded an initial purchase order for PPE anti-counterfeit technology. The company obtained a request for...

NeoGames [NASDAQ: NGMS] Announces The Go-Live Of Its Games With Austrian Lotteries

NeoGames S.A. expands further into the European lottery market by launching its first set of games. The company revealed that it signed an...