OKYO - OKYO Pharma rebounds on withdrawal of equity offering

2023-07-31 03:39:28 ET

Ophthalmology-focused biopharmaceutical company OKYO Pharma ( OKYO ) stock price has rebounded ~19% after falling about 25% during after hours of trading on Friday, touching the lowest level of ~$1.50.

The price movements took place after the company received a Nasdaq notice for non-compliance and thereafter proposed an equity offering , the actual size of which was unclear. The purpose of the offering was clinical development of product candidates and general corporate use.

The notice from Nasdaq was a result of market value falling below the minimum $35M requirement.

The company came out with another release before market open on Monday, stating that it is withdrawing the equity offering in response to changing market conditions and the company's commitment to prioritizing the best interests of its shareholders.

CEO, Gary Jacob commented on the decision, saying, "After thorough consideration and in-depth analysis of market conditions, we have made the difficult but necessary decision to withdraw our public offering. Our primary focus remains on advancing our research and development initiatives to bring novel treatments to patients in need. We appreciate the continued support of our investors and stakeholders as we work towards achieving our mission of improving global healthcare."

The stock price closed at $2.20 on Friday.

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