AMC - Why Is Allarity Therapeutics (ALLR) Stock 72% Up Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Allarity Therapeutics (NASDAQ:ALLR) stock is rising higher on Monday after signing an amended letter agreement with 3i.
3i is a holder of Series A Convertible Preferred Stock and the letter agreement covers the conversion price of those shares. As per the old agreement, the conversion price lasted through Jan. 19 and was below its prior closing price.
The big news affecting ALLR stock today is a change to that letter agreement. With this change, the conversion price for the Series A Convertible Preferred Stock will remain in effect until Allarity Therapeutics and 3i choose to terminate it.
Other ALLR Stock News
Alongside the conversion price news, Allarity Therapeutics also provided guidance for its annual budget in 2023. That includes milestone and patent payments of $4.92 million, development costs of $10.5 million, and operating expenses of $6.26 million.
According to Allarity Therapeutics, it intends to obtain funding that will allow it to finance its 2023 budget. However, the company notes that’s there’s nor guarantee it will get those funds.
With today’s news comes heavy trading of ALLR stock. As of this writing, some 12 million shares have changed hands. That’s a massive leap over its daily average trading volume of about 1 million shares.
ALLR stock is up 72% as of Monday morning.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market coverage for Monday! That includes the biggest pre-market stock movers this morning, as well as what’s happening with Mullen Automotive (NASDAQ:MULN) and AMC Entertainment (NYSE:AMC) shares. All of that is available at the links below!
More Monday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- Genesis Crypto Lender’s Bankruptcy Continues Crypto Winter Contagion
- Dear MULN Stock Fans, Mark Your Calendars for Jan. 25
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- It doesn’t matter if you have $500 or $5 million. Do this now.
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
The post Why Is Allarity Therapeutics (ALLR) Stock 72% Up Today? appeared first on InvestorPlace.