77.4 F
New York
Thursday, July 29, 2021

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

Must read

Digital Realty [NYSE: DLR] Considering Developing 64 MW Facility in South Korea

Digital Realty Trust, Inc. has shown its intention to build the 64-megawatt facility in Seoul, South Korea. The firm has decided that the...

Why Shares of IZEA Worldwide [NASDAQ: IZEA] Skyrocketing Today?

Shares of IZEA Worldwide, Inc. surged 8.10% at the time of writing on Wednesday. The strong performance of the firm has highlighted the...

BIT Mining [NYSE: BTCM] Ink Purchase Agreement to Buy Bitcoin Mining Machine

BIT Mining Limited has inked a purchase agreement to increase the fleet of bitcoin mining machines. As per the new purchase agreement, the...

Dyadic International [NASDAQ: DYAI] Inks Licensing Agreement with the Rubic Consortium

Dyadic International, Inc. disclosed that it has inked a COVID-19 vaccine technology transfer and licensing agreement with the Rubic Consortium. It has been...

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

Binance, FTX Cut Leverage Limits on Crypto Futures Trading to 20x

Two major cryptocurrency trading platforms Binance Futures and FTX disclosed on Monday that they both have made a remarkable decision related to the crypto...

TD Holdings [NASDAQ: GLG] Inks Letter of Intent with Guangdong Jinbochuang

TD Holdings, Inc. has inked a letter of intent (LOI) with Guangdong Jinbochuang Special Purpose Vehicle Co., Ltd. and (Jinbochuang) and Hunan Jinmeike...

ASGN [NYSE: ASGN] Acquire IndraSoft Inc

ASGN Incorporated disclosed that it has acquired IndraSoft Inc. IndraSoft Inc has gained recognition as a prominent cybersecurity and digital transformation solutions offeror...

Link Reservations Decides to Accept Bitcoin/Crypto Payments

Link Reservations Inc disclosed Friday that it has decided to start accepting Bitcoin and cryptocurrency payments. This is the major breakthrough for the firm...

Athene [NYSE: ATH] Announces Acquisition of Foundation Home Loans

Athene Holding Ltd. disclosed on Thursday that it has inked a definitive agreement to purchase Foundation Home Loans (FHL). FHL had a £3...

Ping [NYSE: PING] and Anexinet Announces Partnership

Ping Identity Holding Corp. and Anexinet Corporation have both entered into a partnership agreement. The collaboration will integrate Ping Identity’s centralized Identity Access...

Digital Realty [NYSE: DLR] and Brookfield Announces Joint Venture

Digital Realty Trust, Inc.   and Brookfield Infrastructure Partners L.P. and its institutional partners disclosed on Wednesday that they have launched a 50/50 joint...

Red Cat [NASDAQ: RCAT] Announces Acquisition of Teal Drones

Red Cat Holdings, Inc. has inked an agreement on Tuesday to buy Teal Drones in an all-stock transaction. This acquisition will add Teal...