AVXL Stock Price Falls Over 5% Pre-Market: Why It Happened

By Amit Chowdhry ● June 22, 2021
  • The stock price of Anavex Life Sciences Corp (NASDAQ: AVXL) fell by over 5% pre-market. This is why it happened.

The stock price of Anavex Life Sciences Corp (NASDAQ: AVXL) fell by over 5% pre-market. Investors are responding negatively to Anavex Life Sciences announcing that it has entered into a definitive purchase agreement with Deep Track Capital for the issuance and sale of an aggregate of 2,380,953 shares of its common stock at a purchase price of $21 per share of common stock, a registered direct offering. 

This registered direct offering is expected to close on or about June 24, 2021, subject to the satisfaction of customary closing conditions.

The proceeds from the offering are expected to be about $50 million before deducting placement agent fees and other offering expenses. And Anavex currently intends to use the net proceeds from the offering for advancing its pipeline and for working capital and general corporate purposes.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.