ORMP - Oramed falls after announcing $50 million at-the-market offering

Oramed Pharmaceuticals (ORMP -11.2%) has lost more than a tenth in value after the company announced $50M at the market offering of 2M shares of its common stock. Subject to customary closing conditions, the registered direct offering is expected to take place on about Nov. 05 at a purchase price of $25 per share. H.C. Wainwright will act as the placement agent. The gross proceeds of $50M are earmarked for working capital and general corporate purposes, Oramed (NASDAQ:ORMP) said. The company shares have risen more than ten times over the past 12-month period, as indicated in the graph below. Seeking Alpha contributor, Chetan Woodun continues to remain bullish on the stock, noting, among other things, the prospects of the company’s oral vaccine for COVID-19.

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Oramed falls after announcing $50 million at-the-market offering