- The stock price of Cyclo Therapeutics Inc (NASDAQ: CYTH) fell by over 15% pre-market today. This is why it happened.
The stock price of Cyclo Therapeutics Inc (NASDAQ: CYTH) – a clinical-stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases – fell by over 15% pre-market today. Investors are responding negatively to Cyclo Therapeutics announcing the pricing of its previously announced underwritten public offering of 1,950,000 shares of its common stock at a public offering price of $6 per share.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $11.7 million. Plus Cyclo Therapeutics has granted the underwriter a 45-day option to purchase up to an additional 292,500 shares of common stock at the public offering price, less discounts and commissions.
Maxim Group LLC is acting as the sole book-running manager for the offering.
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