- The stock price of InspireMD Inc (NYSEAMERICAN: NSPR) is trading at over 10% pre-market as of 7:33 AM ET. This is why it happened.
The stock price of InspireMD Inc (NYSEAMERICAN: NSPR) — a medical device company focused on the development and commercialization of proprietary MicroNet stent platform technology for the treatment of vascular and coronary diseases in Europe, Latin America, the Middle East and Asia — is trading at over 10% pre-market as of 7:33 AM ET. Investors appear to be responding to recent news from the company about an upsized $18 million underwritten public offering.
InspireMD had announced that the pricing of its upsized underwritten public offering of securities for gross proceeds of $18 million (or $20.7 million if the underwriters exercise their option to purchase additional securities) prior to deducting underwriting discounts and estimated offering expenses payable by InspireMD is based on 29,032,258 Units priced at a public offering price of $0.62 per Unit with each Unit consisting of one share of Common Stock and one Series G Warrant to purchase one-half of one share of Common Stock, at an exercise price of $0.682 per share and expiring on the fifth anniversary of the date of issuance. The closing of the offering is expected to take place today, subject to the satisfaction or waiver of customary closing conditions.
A total of 29,032,258 Units will be issued and sold in the offering. And in addition, InspireMD has granted the underwriters a 45-day option to purchase up to 4,354,838 Units consisting of 4,354,838 shares of Common Stock and/or 2,177,419 Series G Warrants, solely to cover over-allotments, if any.
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