Shares of Annovis Bio, Inc. [AMEX: ANVS] touched the new height of success on the trading session of Friday. The strong performance of the firm has indicated the positive reaction of the investors after the firm disclosed the proposed public offering of common stock. The firm has decided to dump shares of its common stock in an underwritten public offering. It has been disclosed that all of the shares of common stock are to be dumped by the firm.
The offering is dependent on certain market circumstances and there can be no guarantee as to whether or when the offering may be executed, or as to the actual size or terms of the offering. The firm disclosed it is gearing up to utilize the net profit from the offering solely for general business purposes.
Shares of Annovis skyrocketed 127.27% as the firm has gained +33.60 during the trading session of Friday. The firm has recorded a trading volume of 38.70 million as compared to the average volume of 202.68K. The share of the firm went up 1466.58% and 25.03% from its 52-week low and high, respectively. ANVS has a total market capitalization of $400.80 million at the time of writing.
It has decided to use the profit for working capital, research, and development, capital expenditures. The firm is also planning to use the profit for the execution of its scheduled Phase 3 clinical trial for ANVS401 in AD in persons with Down Syndrome. ThinkEquity is serving the firm as the sole book-running manager for the offering. On the other hand, Maxim Group LLC is serving as co-manager for the offering.