SAVA - Why Cassava Sciences Stock Zoomed 21% Higher This Week
2023-12-15 18:06:45 ET
Thanks to a shareholder-pleasing move, Cassava Sciences (NASDAQ: SAVA) stock was an outperformer in the biotech sector this week. Over the period, the company's shares gained 21% in value, according to data compiled by S&P Global Market Intelligence .
On Tuesday, Cassava announced that investors in its common stock would be paid a rather offbeat dividend: For every 10 shares they own, they are to receive four common stock warrants. Each of these securities entitles the holder to purchase one share of common stock for $33. For that price, the buyer can also receive, at no additional cost, a "bonus share fraction" of 0.5 share.
The biotech has set a list of conditions to receive the bonus share fraction. These are tied to the timing of the issue and the market price of its common stock. Cassava said it will formally announce the expiration date of the bonus program, although it provided no specifics.
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Why Cassava Sciences Stock Zoomed 21% Higher This Week