DKNG - Why Is InVivo Therapeutics (NVIV) Stock Down 34% Today?
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InVivo Therapeutics (NASDAQ:NVIV) stock is on the move Friday after the company reached a deal for a direct offering of its shares.
The registered direct offering has InVivo Therapeutics agreeing to sell 523,810 shares of NVIV stock to a single institutional investor. Shares in this registered direct offering are priced at market value.
To go along with that, it entered into a registered direct offering with the same investor for 1,190,476 shares of common stock. This is a private placement that is also priced at market value.
Adding to this news is an agreement with this investor for options to purchase another 1,714,286 shares of NVIV stock. These options have an exercise price of $5.05 per share and are immediately exercisable. They also last for five and a half years before expiring.
What to Do With the Funds
InVivo Therapeutics mentions that the total amount of gross proceeds from these offerings come to $9 million. Its main use for the money will be as working capital and handling general corporate purposes.
News of the direct offerings has NVIV stock seeing heavy trading on Friday. As of this writing, close to 5 million shares have changed hands. That’s a massive surge next to its daily average trading volume of about 719,000 shares.
NVIV stock is down 34.2% as of Friday morning.
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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.
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